Access Bank, a Nigerian lender, is set to expand its footprint in Kenya with the acquisition of the National Bank of Kenya (NBK) from the KCB Group. This move marks Access Bank’s second acquisition in Kenya, following its purchase of Transnational Bank Limited in 2019.
Sunday Ekwochi, Secretary of Access Holdings, disclosed in a statement filed on the Nigerian Exchange Limited that the completion of the deal is subject to regulatory approvals from both the central banks of Kenya and Nigeria.
Paul Russo, CEO of KCB Group, confirmed the acquisition, emphasizing its benefits for NBK’s future. Upon completion, Access Bank intends to merge NBK with its subsidiary, Access Bank Kenya Plc, aiming to strengthen its position in the Kenyan market and serve as a regional hub for East Africa.
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Bolaji Agbede, Acting Group CEO of Access Holdings, expressed optimism about the acquisition, highlighting its alignment with the bank’s strategic plan to become Africa’s Gateway to the World. The deal, expected to enhance Access Bank’s presence in East Africa, underscores its commitment to delivering value to shareholders, customers, and stakeholders.
