Home News Finance Access Bank Close To Sealing Acquisition of National Bank of Kenya
FinanceNews

Access Bank Close To Sealing Acquisition of National Bank of Kenya

754

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.

Read: Netflix Unveils First Look At Newly Acquired Yoruba Epic “Lisabi”

Nigerian Students In Russia Risk Deportation Over Passport Renewal

Abuja Residents Protest Against Navy Signpost On Iddo Community Land

About The Author

Related Articles

News

CDS Warns: Hunger and Poverty Now Driving Nigeria’s Insecurity Under Tinubu’s Government

Chief of Defence Staff , General Christopher Musa, has sounded an urgent alarm....

DSS A
NewsSecurity

Nigeria: Leaked DSS Memo Warned of Attacks Weeks Before Benue Killings, Cited Cow Seizure as Trigger

A leaked memo from the Department of State Services (DSS) has revealed...

Human RightsNews

Three Kenyan Officers Face Murder Charges After Assaulted Blogger Dies in Custody

Three Kenyan police officers have been charged with the murder of 31-year-old...

NewsSecurityWorld

Iran Fires Missiles at US Air Base in Qatar in Retaliation for Air Strikes on Nuclear Sites

Iran has fired missiles at the United States’ Al Udeid Air Base...