Access Bank moves to keep Wigwe’s legacy, acquires National Bank of Kenya

Access Bank is set to acquire the National Bank of Kenya from the KCB Group, marking its second acquisition of a Kenyan bank in under five years. Following its purchase of Transnational Bank Limited in 2019, this move solidifies the Nigerian lender’s presence in Kenya.

Sunday Ekwochi, Secretary of Access Holdings, disclosed in a statement filed on the Nigerian Exchange Limited on Wednesday that the completion of the deal is subject to regulatory approvals from the central banks of Kenya and Nigeria.

According to Tech Cabal, KCB Group’s CEO, Paul Russo, announced that Access Bank will acquire the entire stake in a deal deemed advantageous for NBK’s future.

The statement from Access Holdings reads, “The Transaction is in line with the Bank’s African expansion strategy and will establish it as a formidable player in the Kenyan market, serving as a regional hub for our East African operations, supported by a strengthened balance sheet.”

Both parties will collaborate in the coming months to meet the conditions precedent for the transaction, including regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya.

Upon completion of the transaction, the National Bank of Kenya will merge with Access Bank Kenya Plc to create an expanded franchise, aligning with the bank’s strategic objectives for the Kenyan and East African markets.

Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings, commented, “This proposed acquisition is a significant milestone in our five-year strategic plan to position the Bank as Africa’s Gateway to the World. The deal with NBK, a respected institution in Kenya with a substantial balance sheet, presents a compelling opportunity to accelerate our growth in the East African region.”

Agbede expressed confidence that the bank’s investments in diversification and strengthening its long-term earnings profile will generate substantial value for shareholders, customers, and other stakeholders.