Access Bank has announced its acquisition of National Bank of Kenya Limited, a subsidiary of KCB group.
In a statement released today on its social media platforms, LinkedIn and Twitter, Access Bank emphasized its focus on enhancing economic growth and prosperity across borders by boosting Nigerian-Kenyan businesses.
The bank sees the acquisition as a stimulus for collaboration that will drive both economies forward and redefine the future of banking in Africa.
“Our strengthened presence in Kenya provides more opportunities for trans-African trade and financial inclusion, fostering economic growth and prosperity across borders. By boosting Nigerian-Kenyan businesses, we are fueling collaboration that will drive our economies forward.”
Together, both organizations seek to redefine the future of banking in Africa, empowering businesses to reach new heights.
The acquisition comes after a failed attempt to acquire Sidian Bank in 2023. NBK has a substantial presence in Kenya with over $1.1 billion in total assets. Following regulatory approvals, NBK will be merged with Access Bank Kenya to establish a larger Kenyan franchise.
This move aligns with Access Bank’s five-year plan to become Africa’s Gateway to the World. It positions Access Bank as a well-known player in the Kenyan market and a key participant in the East African economic bloc.
Both Access Bank and KCB Group are optimistic about the deal’s potential to benefit Kenyan and Nigerian businesses. The combined entity is expected to boost cross-border trade and financial inclusion across Africa.
The acquisition also follows Access Bank’s recent deal to acquire a majority stake in Uganda’s Finance Trust Bank. With regulatory approvals pending, the Ugandan acquisition is expected to close in the first half of 2024.
Upon completion of the acquisition, NBK will be merged with Access Bank Kenya Plc, creating an enlarged franchise to pursue Access Bank’s strategic objectives in the Kenyan and East African markets.
Access Bank CEO Roosevelt Ogbonna sees the acquisition as a milestone in achieving the bank’s strategic plan and increasing its market share in Kenya.
Ms. Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, emphasized the strategic importance of the acquisition in the execution of the group’s five-year plan. Agbede highlighted the clear opportunity to scale up growth in the East African market and deliver significant value to shareholders, customers, and stakeholders.
KCB Group’s CEO, Paul Russo, expressed optimism about the transaction, noting its importance in providing a predictable future for NBK and its staff.
Since its acquisition by KCB in 2019, NBK has undergone significant restructuring efforts to restore profitability and meet regulatory requirements.
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