Access Bank Plc, a subsidiary of Access Holdings Plc (NGX: ACCESSCORP) has completed the acquisition of the entire issued share capital of National Bank of Kenya.
In a regulatory filing on Monday, ACCESSCORP informed the investing public of the completion of acquisition from KCB Group Plc following the receipt of all requisite regulatory approvals in Kenya and Nigeria.
The acquisition is a significant step in Access Bank’s consolidation of its presence in Kenya and the larger East African markets.
Commenting on the development, Roosevelt Ogbonna, the Bank’s Managing Director/Chief Executive Officer, said:
‘The completion of this transaction represents a significant step in our efforts to unlock
the vast potential of East Africa’s market. Kenya is a hub for regional commerce, and
with NBK now part of the Access Bank family, we are well-positioned to leverage our
combined strengths to provide high-impact banking solutions to our customers. NBK’s
heritage and local expertise, combined with our pan-African network and innovationled approach, will position us to connect African businesses to global markets,
facilitating economic growth and inclusive prosperity.With the completion of the acquisition, Access Bank will now move towards merging
and integrating NBK with Access Bank Kenya to create one of the top banks in Kenya.
The merger will reinforce the Bank’s position as a leading pan-African institution,
enhancing its capacity to drive intra-African trade and serve customers across global
markets.
Access Bank Plc had in 2020 acquired Transnational Bank Plc of Kenya, then a medium sized commercial bank focused on agriculture. After the acquisition, the name was changed to Access Bank Kenya.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
