Access Holdings has revealed plans for Access Bank Plc, its leading subsidiary, to acquire the National Bank of Kenya Limited from KCB Group Plc, marking a significant stride in the company’s strategic expansion efforts following the passing of Herbert Wigwe, the former CEO.
The acquisition, outlined in a corporate disclosure on the NGX website, will see Access Bank purchasing the entire issued share capital of National Bank of Kenya Limited from KCB, which also serves as the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.
Access Bank’s decision to enter into this binding agreement with KCB is aligned with its strategic expansion initiative, aimed at solidifying its presence in the Kenyan market.
Bolaji Agbede, the Acting Group CEO of Access Holdings Plc, expressed enthusiasm about the proposed acquisition, stating, “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,” he added.
