Access Holdings has announced its plans to acquire the National Bank of Kenya.
This is the first major deal since the death of the Access Bank’s Chief Executive Officer (CEO), Herbert Wigwe.
It was noted on the NGX website that Access Bank Plc, the leading subsidiary of Access Holdings would acquire the entire issued share capital of the National Bank of Kenya Limited.
Access Bank stated that it entered into a binding agreement with Kenyan-based KCB Group Plc (“KCB”) for the acquisition of the entire issued share capital of National Bank of Kenya Limited (“NBK” or ‘the Target’’) from KCB.
KCB is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.
The bank stated that this is in line with Access Bank’s strategic expansion initiative and is poised to solidify its presence in the Kenyan market.
According to Bolaji Agbede, the Acting Group CEO of Access Holdings said; “this proposed acquisition marks a significant step in the execution of our five-year strategic plan aimed at positioning the Bank as Africa’s Gateway to the World. The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet in excess of US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market.
“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.
“This will be Access Corporation’s first acquisition since the demise of its former GMD/CEO Herbert Wigwe, suggesting the bank will continues with its inorganic aggressive growth model.”
