Access Bank Plc has announced that the lender and KCB Group Plc, KCB, have entered an agreement to acquire 100 per cent shareholding in National Bank of Kenya Limited, NBK
KCB was the owner of NBK before the latest acquisition which, analysts have described as a bold and significant move for the Africa financial giant’s quest for expansion into the east Africa.
Access Holdings, the parent company of Access Bank has made serious inroads into key Africa’s countries through acquisitions and partial ownership of top commercial bank in the past few years.
The latest acquisition, the bank said, is still subject to the Central Bank of Kenya, CBK, Nigeria’s Central Bank as well as other regulatory agencies in both countries.
Reacting the Managing Director of Access Bank, Roosevelt Ogbonna said the transaction “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.
“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,” Ogbonna said.
