Access Bank, KCB Group Agree On Acquisition Deal For National Bank Of Kenya

In a significant move within the East African banking sector, Access Bank PLC and KCB Group PLC have sealed a binding agreement to acquire the National Bank of Kenya Limited (NBK). The deal, announced today, will see Access Bank and KCB jointly acquire the entire shareholding of NBK from KCB.

The completion of this transaction is contingent upon meeting customary conditions, including obtaining regulatory approvals from authorities such as the Central Bank of Kenya, the Central Bank of Nigeria, and the COMESA Competition Commission.

For Access Bank, this acquisition underscores its commitment to expanding its footprint in Kenya and the wider East African region. It aligns with the bank’s strategy of enhancing its presence in key African markets. Access Bank’s Managing Director/Chief Executive, Roosevelt Ogbonna, emphasized the significance of the move, stating, “The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market.”

Ogbonna further highlighted the strategic importance of Kenya in East Africa’s trade corridors, especially with the African Continental Free Trade Agreement in place. He expressed confidence in Access Bank’s ability to deliver sustainable value for stakeholders, positioning itself as Africa’s Payment Gateway to the World.

On the KCB Group’s side, CEO Paul Russo emphasized the value-maximizing aspect of the transaction for shareholders while strengthening the group’s competitive position. Russo remarked, “The past four years have been defining for NBK as a KCB Group subsidiary, and this step marks the opening of new opportunities.”

Both parties are committed to fulfilling the necessary conditions for the acquisition, including regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya. Access Bank assures stakeholders, including employees and customers in Kenya, of continued seamless banking services during this transition period.

Upon completion, stakeholders can expect an enhanced banking experience characterized by best-in-class customer service and governance structures. The combined entity aims to deepen financial inclusion across the region by extending services to the unbanked.

This acquisition comes as part of Access Bank’s strategic expansion drive, following its recent acquisition of Atlas Mara Zambia in January. With such moves, Access Bank positions itself as a key player in the African banking landscape, with ambitions to further consolidate its position in the coming years.