On Wednesday, Access Bank Plc struck a deal with Kenya’s KCB Group Plc to purchase all shares of National Bank of Kenya Limited, marking a bold move in its continental expansion.
KCB, the parent company of Kenya’s largest commercial bank, KCB Bank Ltd, is involved in the transaction.
According to a statement by Access Bank, the deal aligns with its African expansion strategy and will enhance its presence in the Kenyan market while establishing a regional hub for East Africa. Regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya are among the conditions precedent to be fulfilled.
Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc, emphasized the significance of the transaction in advancing the bank’s strategic plan and supporting economic prosperity and financial inclusion in Africa.
He highlighted Kenya’s pivotal role in regional trade corridors and the bank’s strategic position to drive sustainable value.
Paul Russo, CEO of KCB Group, sees the transaction as an opportunity to maximize shareholder value and strengthen the group’s competitive position.
He emphasized the progressive investments made in NBK during its tenure as a KCB Group subsidiary.
Upon completion, National Bank of Kenya will merge with Access Bank Kenya Plc to create an expanded franchise.
Bolaji Agbede, Acting GCEO of Access Holdings Plc, expressed confidence in the deal’s ability to deliver value to customers, shareholders, and wider stakeholder groups, positioning the bank as Africa’s Gateway to the World.
