Access Bank is nearing the completion of its acquisition of the National Bank of Kenya (NBK) from the KCB Group.
The transaction, which awaits final approval from the Central Bank of Kenya (CBK) and the Competition Authority of Kenya (CAK), is expected to be valued at around $100 million, based on NBK’s 2023 book value of $79.77 million, TechCabal reported.
KCB Group Chairman Joseph Kinyua confirmed Wednesday that the acquisition process is almost complete.
I am pleased to inform you that the process is nearing completion and is only awaiting the required regulatory approvals, for which we believe we should be concluding very soon. In the coming months, we shall communicate the next steps, Kinyua said during KCB Group’s H1 2024 earnings call.
KCB Group took over NBK in 2019 and has since invested over $60 million to meet the Kenyan central bank’s minimum capital requirements, according to TechCabal. Once Access Bank finalises the acquisition, it is expected to invest more capital into NBK to enhance its operations.
This acquisition will expand Access Bank’s operations in Kenya as it marks its second acquisition after purchasing Transnational Bank in 2020. The acquisition will also add to Access Bank’s 22 existing branches.
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