Money Market
Access Bank to acquire National Bank of Kenya from KCB Group
Access Holdings says its subsidiary, Access Bank, has
entered a binding agreement to acquire National Bank of Kenya (NBK) from KCB
Group Plc, to boost its presence in the East African market.
This is the second acquisition in Kenya for the Nigerian
lender after acquiring Transnational Bank Ltd. in 2019.
In a statement filed on the Nigerian Exchange Limited (NGX),
on Wednesday, Sunday Ekwochi, Access Holdings’ secretary, said the completion
of the deal is subject to regulatory approvals from central banks in Kenya and
Nigeria.
“Access Holdings Plc (“Access Holdings”) today announces
that its flagship subsidiary, Access Bank Plc (“Access Bank” or “the Bank”) has
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. (‘the Transaction’) KCB is also the
holding company of KCB Bank Ltd, Kenya’s largest commercial bank,” the company
said.