Access Holding has agreed with Kenya-based KCB Group Plc to acquire the entire issued share capital of National Bank of Kenya (NBK).
This strategic move aligns with the vision of the late co-founder and former Group Chief Executive Officer, Herbert Wigwe.
The acquisition deal is pending regulatory approvals from the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and other relevant regulators.
According to a statement filed on the Nigerian Exchange Limited (NGX) on Wednesday, Access Holdings’ secretary, Sunday Ekwochi, mentioned that the completion of the transaction is subject to regulatory approvals from the central banks of Kenya and Nigeria.
While the value of the acquisition remains undisclosed, the statement highlights the transaction’s significance in Access Bank’s African expansion strategy. The bank aims to strengthen its presence in the Kenyan market and establish a regional hub for East Africa, bolstered by a strengthened balance sheet.
The parties involved will collaborate in the coming months to fulfill the conditions precedent to the transaction, including obtaining regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya.
In response to this development, Access Holdings’ Acting Group Chief Executive Officer, Bolaji Agbede, expressed confidence in the proposed acquisition, emphasizing its alignment with the bank’s strategic plan to position itself as Africa’s gateway to the world.
The acquisition of NBK, a reputable bank with a balance sheet exceeding US$1.1 billion, presents a compelling opportunity for Access Bank to expand its footprint in the East African market.
Agbede reiterated the bank’s commitment to diversifying and strengthening its long-term earnings profile, which will ensure significant value creation for shareholders, customers, and other stakeholders.
