Access Bank to acquire National Bank of Kenya valued at about $100m

The Access Holdings Plc has entered into a binding agreement with Kenya's KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited.

The deal is in furtherance of Access bank’s African expansion strategy.

According to the agreement, Access Holdings’ with have full acquisition of the Kenyan national bank from KCB which is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.

The parties would collaborate in the coming months to fulfil the conditions precedent relating to the Transaction, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya.

Reacting to the transaction, the Acting Group Chief Executive Officer (CEO) of Access Holdings Plc, Bolaji Agbede, stated: “This proposed acquisition marks a significant step in the execution of our five-year strategic plan aimed at positioning the Bank as Africa’s Gateway to the World.

“The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet in excess of US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market.

"We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.”

Access Holdings Group CEO, Herbert Wigwe, died in a helicopter crash on February 9, 2024.

The organization's immediate past group CEO, Aigboje Aig-Imoukhuede, became its Chairman in March.

BEB