Do you know that Access Bank, has signed a binding agreement with the KCB Group Plc to buy the National Bank of Kenya (NBK)?
The reason is not far fetched.
Access Bank wants to boost her presence in the East African market.
And it feels that buying the National Bank of Kenya, will help to achieve that goal.
This is the second acquisition in Kenya for the Nigerian lender after acquiring Transnational Bank Ltd. in 2019.
Access Holdings on Wednesday revealed that they were merely waiting for regulatory approval from the Central Banks in Kenya and Nigeria.
Have You Read: From GT Bank Staff To Access Bank CEO: All About Bolaji Agbede, Wigwe’s Replacement
This was contained in a statement made available to the Nigerian Exchange Limited (NGX), by Access Holdings Secretary, Sunday Ekwochi.
Here Is What Access Bank Wrote To The NGX
The statement reads this:
“Access Holdings Plc today announces that it’s subsidiary, Access Bank Plc has entered into a binding agreement with Kenyan-based KCB Group Plc.
The agreement allows Access Bank to acquire the entire issued share capital of National Bank of Kenya Ltd from KCB.
KCB is the holding company of KCB Bank Ltd, Kenya’s largest commercial bank,” the company said.
“The Transaction will aid Access Bank’s African expansion strategy and reposition it as a stronger and significant player in the Kenyan market.
It will also make the bank a regional hub for our East African bloc anchored by a solidified balance sheet.
“In the coming months, both parties will be working together to fulfill the conditions precedent relating to the Transaction.
These conditions include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya.
Commenting on the transaction, the acting group chief executive officer of Access Holdings, Bolaji Agbede said this is significant for Access Bank.
He said this acquisition helps us complete our five-year strategic plan aimed at positioning the bank as Africa’s gateway to the world.
We Have A Good Deal
“The deal with NBK, presents a compelling opportunity to scale up our growth in the East African market,” Agbede said.
“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value.”
You May Also Like: Adaora Umeoji, Bolaji Agbede: See Full List Of Female Bank CEOs In Nigeria
Access Holdings said it will keep the market updated on the transaction’s progress.
Meanwhile, on January 17, Access Bank entered an agreement to acquire a majority stake in Finance Trust Bank Limited (FTB) in Uganda.
