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.

This development positions Atlas Mara as a wholly-owned subsidiary of Access Bank Zambia, enhancing the Zambian financial sector.

The two entities will maintain separate operations until the integration processes are finalised. Access Bank envisions the merger driving the combined institutions into the ranks of Zambia’s top five banks by revenue, with aspirations to secure a position in the top three by 2027.

Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank Plc, conveyed the importance of this move, stating, “This marks a significant milestone for Access Bank Plc as we work towards achieving our vision of being the world’s most respected African bank.” Ogbonna emphasized the integration of brands, heritage, values, and best practices to create opportunities for stakeholders in Zambia and the SADC region.

Lishala Situmbeko, CEO of Access Bank Zambia, pointed to the satisfaction with the transaction’s closure. He emphasized the creation of a stronger, more competitive financial institution that would be essential in Zambia’s economic recovery.

Upon full integration, customers can anticipate access to an extensive network, including over 60 branches, 5 cash centres, 8 agencies, more than 5,300 Tenga Express Agents, and a network of over 240 ATMs across Zambia. Corporate customers stand to benefit from an enlarged balance sheet, an expanded international footprint, and increased access to various financial services.

Stakeholders will gain advantages from Access Bank’s presence in key trade corridors connecting Africa with the United Kingdom, UAE, China, Lebanon, France, Hong Kong, and India. The move is expected to enhance trade finance, treasury services, and international payments.

Atlas Mara’s Acting Managing Director, Bobbline Cheembela, expressed enthusiasm about the union, highlighting the combination of qualities, capabilities, and resources. The collaboration aims to establish an industry leader and a champion for Zambia, blending Atlas Mara’s network and public sector contributions with Access Bank’s focus on SMEs and expertise in trade finance, treasury, and corporate lending.

Cheembela underlined a holistic service offering focused on financial inclusion and digital banking, outlining the shared commitment to delivering comprehensive benefits to customers.