Access Bank moves to acquire National Bank of Kenya
Access Holdings Plc, via its subsidiary Access Bank Plc, has commenced the acquisition process for the entire issued share capital of National Bank of Kenya Ltd (NBK). This strategic move signifies Access Bank’s proactive expansion into the African market, specifically targeting a stronger foothold in Kenya.
Sunday Ekwochi, the company secretary of Access Bank Plc, has disclosed the sealing of a binding agreement with Kenyan-based KCB Group Plc for the purchase of NBK, currently held by KCB. Regulatory green lights from both the Central Bank of Nigeria (CBN) and the Central Bank of Kenya are pending, underscoring the meticulous groundwork underway.
Upon finalization, Access Bank Kenya Plc will absorb NBK, a fusion intended to amplify Access Bank’s influence in Kenya and broader East Africa. Bolaji Agbede, acting Group Chief Executive Officer of Access Holdings Plc, has emphasized the strategic thrust behind this maneuver, positioning Access Bank as a pivotal gateway to Africa’s financial realm.
With a sprawling network encompassing three continents and serving a staggering 60 million customers across diverse sectors, Access Holdings Plc underscores its commitment to innovation and growth.
In essence, Access Bank’s proactive pursuit of NBK’s acquisition signifies a bold stride toward consolidating its position as a formidable force within Africa’s banking landscape, promising heightened value for its stakeholders and signaling an assertive expansion strategy in the East African sphere.
