Access Holdings Plc has announced that its subsidiary, Access Bank is set to acquire National Bank of Kenya Limited from KCB Group Plc.
This was revealed in a statement filed on the Nigerian Exchange Limited (NGX) last Wednesday signed by Sunday Ekwochi, Secretary at Access Holdings.
According to the statement, Access Holdings would acquire the entire issued share capital of National Bank of Kenya Limited from KCB. KCB is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.
Commenting on the transaction, Bolaji Agbede, the Acting Group CEO of Access Holdings Plc noted, “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 of over 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.”
This marks the second acquisition in Kenya for the Nigerian lender after it bought Transnational Bank Ltd. in 2019 and the first acquisition since the demise of its former GMD/CEO Herbert Wigwe, suggesting the bank will continue with its inorganic aggressive growth model.