Access Holdings, the parent company of Access Bank, has announced its plans to acquire the National Bank of Kenya Limited (NBK) from the KCB Group. This will mark Access Bank’s second acquisition of a Kenyan bank within five years. It follows Access Bank’s earlier purchase of Transnational Bank Limited in 2019.
This acquisition marks Access Corporation’s first significant deal since the passing of its former GMD/CEO, Herbert Wigwe. The acquisition agreement was disclosed by Access Holdings’ Secretary, Sunday Ekwochi, in a statement filed on the Nigerian Exchange Limited on Wednesday. The statement read in part:
“Access Holdings Plc (“Access Holdings”) today announces that its flagship subsidiary, Access Bank Plc (“Access Bank” or “the Bank”) has entered into a binding agreement with Kenyan-based KCB Group Plc (“KCB”) for the acquisition of the entire issued share capital of National Bank of Kenya Limited (“NBK” or ‘the Target’’) from KCB. (‘the Transaction’) KCB is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.”
Access Holdings’ statement outlined the strategic importance of the acquisition, positioning Access Bank as a significant player in the Kenyan market and serving as a regional hub for East Africa.
“The Transaction is in furtherance of the Bank’s African expansion strategy and will reposition it as a stronger and significant player in the Kenyan market whilst serving as a regional hub for our East African bloc anchored by a solidified balance sheet”, it said.
The finalisation of the deal is subject to regulatory approvals from the central banks of Kenya and Nigeria.
Ms Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, stated that the acquisition aligns with the company’s five-year plan to position the bank as Africa’s gateway to the world.
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