Connect with us

    Hi, what are you looking for?

    E-Financial

    Access Bank to Acquire National Bank of Kenya

    Access-Bank

    Access Holdings Plc has entered into a binding agreement with Kenyan-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited.

    The deal will see Access Holdings’ 100% acquisition of the Kenyan national bank from KCB which is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.

    In a statement filed on the Nigerian Exchange Limited on Wednesday, Sunday Ekwochi, Access Holdings’ Secretary, said 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 East Africa.

    The parties would be working together in the coming months to fulfil the conditions precedent relating to the Transaction, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya.

    Sequel to the completion of the Transaction, the target would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.

    Commenting on the Transaction, Bolaji Agbede, acting croup chief executive officer (CEO) of Access Holdings Plc said, “This proposed acquisition marks a significant step in the execution of our five-year strategic plan aimed at positioning the Bank as Africa’s Gateway to the World.

    “The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet in excess of US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market. We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.”

    The bank whose Group CEO, Herbert Wigwe, died in a helicopter crash on February 9, 2024, returned its immediate past group CEO, Aigboje Aig-Imoukhuede, as group Chairman in March.

    Access Holdings Plc reportedly operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and over 60 million customers.

     

     

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The Enugu State Government has accused Olasijibomi Ogundele, CEO of Sujimoto Luxury Construction Limited, of defrauding the state of N5.7 billion paid for the...

    Broadcasting

    Gauteng High Court, Johannesburg, has awarded damages of more than R2.6 million to the girlfriend of a Nigerian citizen who was suffocated to d3ath...

    E-Financial

    The Bank of Ghana (BoG) has announced the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September...

    E-Financial

    The Bank of Ghana (BoG) has suspended the remittance partnerships of several fintech companies including Flutterwave, Tap Tap Send, and others for a period...