Cynthia Ezekwe
Nigeria’s leading financial institution, Access Bank Plc, through its parent company, Access Holdings Plc, has signed a binding agreement with Kenya’s KCB Group Plc (KCB) to acquire the entire share capital of the National Bank of Kenya Limited (NBK) from KCB.
The development, which was published on the Nigerian Exchange Limited (NGX), provided additional details about the transaction and its significance for the bank.
Access Bank stated that the acquisition of NBK is part of its strategy to expand its operations in Africa and become a leading bank in the region. The bank is confident that the transaction will position it as a stronger player in the Kenyan market and enable it to serve as a regional hub for East Africa. The bank also expects the transaction to strengthen its balance sheet and create value for shareholders.
“The parties will be working together in the coming months to fulfill the conditions precedent relating to the Transaction, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya.
“Sequel to the completion of the Transaction, the Target would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets,’’ the tier-one bank stated..
Bolaji Agbede, the acting group CEO of Access Holdings Plc, commented on the transaction, stating that it is a significant step in the execution of the bank’s five-year strategic plan, which is focused on positioning the bank as Africa’s gateway to the World.
Agbede further stated that the opportunity to acquire NBK, with its strong brand and presence in Kenya and balance sheet exceeding $1.1 billion, is a significant opportunity for Access Bank to expand its presence in East Africa.
“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. We will keep the market updated on the progress of the Transaction,’’ Agbede added.
