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Access Holdings Plc has entered into a binding agreement with Kenyan-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited.The deal will see Access Holdings’ 100% acquisition of the Kenyan national bank from KCB which is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.
The parties would be working together in the coming months to fulfil the conditions precedent relating to the Transaction, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya. “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.
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