Access Bank and KCB Group Seal Acquisition Deal for National Bank of Kenya

Access Bank Plc and KCB Group Plc have officially entered into a binding agreement to acquire the entire shareholding of National Bank of Kenya, NBK Limited, from KCB, reports Vanguard.

In an announcement, Access Bank revealed that the successful finalization of the deal is contingent upon fulfilling customary conditions for transactions of this nature, which include obtaining regulatory approvals from entities such as the Central Bank of Kenya, the Central Bank of Nigeria (CBN), the COMESA Competition Commission, and other relevant regulatory bodies.

The statement further highlights Access Bank's dedication to strengthening its presence in Kenya and the wider East African region through this acquisition. It also emphasizes the bank's ongoing expansion efforts in various African countries, including the Democratic Republic of Congo, Rwanda, Uganda's Finance Trust Bank Limited, BancABC Tanzania, and the acquisition of Standard Chartered Bank's Consumer, Private & Business Banking business in Tanzania.

Roosevelt Ogbonna, the Managing Director/Chief Executive of Access Bank Plc, commented on the transaction, stating, "This deal marks a significant milestone for the bank as it aligns with our five-year strategic plan to enhance our footprint in the Kenyan market. We aim to build a resilient franchise that contributes to economic growth, promotes trade within Africa, and fosters financial inclusion to empower individuals to realize their financial goals.

"East Africa's trade dynamics are centered around major trade routes, with Kenya playing a pivotal role. With the African Continental Free Trade Agreement expanding these routes, we are strategically positioned to provide sustainable value to our stakeholders through our top-notch financial solutions. The integration of NBK with Access Bank Kenya Plc following the completion of the transaction will create a stronger entity as we pursue our strategic objectives in the Kenyan and East African markets."