Access Bank, KCB Group sign binding offer on acquisition of National Bank of Kenya
Access Bank Plc and KCB Group Plc have signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya , NBK Limited from KCB.
In a statement, Access Bank disclosed that the successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, CBN , the COMESA Competition Commission, and notifications to other relevant regulators
According to the statement : ” For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader East African region. Furthermore, the acquisition builds on the Bank’s growing operations in the Democratic Republic of Congo, Rwanda, as well as its impending acquisitions of a majority stake in Uganda’s Finance Trust Bank Limited, the acquisition of majority equity stake in African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”), and Standard Chartered Bank’s Consumer, Private & Business Banking business in Tanzania.”
Commenting on the transaction, Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc said: “The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market. We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.
“Trade flows in East Africa revolve around key trade corridors, with Kenya being a key player in the region. With the African Continental Free Trade Agreement, these corridors will continue to expand and by deploying our best-in-class financial solutions, we are strategically positioned to deliver sustainable value for our stakeholders. The consolidation in Kenya will support the realisation of our aspiration to be Africa’s Payment Gateway to the World. Subsequent to the completion of the transaction, NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.
