Access Bank Continues Wigwe’s Legacy, Seals Fresh Deal To Acquire National Bank Of Kenya

Access Bank Plc has entered an agreement with the Kenyan-based KCB Group Plc (“KCB”) for the acquisition of the entire issued share capital of National Bank of Kenya Limited.

The move is part of the vision of the late co-founder and former Group Chief Executive Officer, Herbert Wigwe.

KBC is the holding company of KCB Bank Ltd, which is Kenya’s largest commercial bank.

“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 our East African bloc anchored by a solidified balance sheet.

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

However, the value of the acquisition was not disclosed by the lender.

Access said that when the transaction is completed, the NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise.

Ms. Bolaji Agbede, Acting GCEO of Access Holdings Plc commenting on the deal said the transaction will help the bank to deliver value to its customers and shareholders.

She 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 $1.1bn, 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.”