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    Federal Government declares June 6 and 9 public holidays

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    Prosecutors demand six-year prison sentence for Simon Ekpa

    Prosecutors demand six-year prison sentence for Simon Ekpa

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    Legal Expert says only Rivers State can collect VAT as at today following Appeal Court’s order to “maintain status quo”

    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

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    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Breaking: President Joe Biden diagnosed with “aggressive” cancer

    Mexican Navy Ship crashes into New York Bridge

    Mexican Navy Ship crashes into New York Bridge

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Access Bank completes the acquisition of National Bank of Kenya

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    CUTIX PLC reports N1.1 billion profit for the FY ended April 2025

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    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

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    Again DMO offers N360 billion FGN bond for February

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Access Bank Plc to acquire National Bank of Kenya Limited

Thursday, 21 March 2024, 9:42 pm
in Business, Companies
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Approval given for acquisition of International Energy Insurance Plc
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Access Bank Plc of Nigeria has entered into a binding agreement to acquire National Bank of Kenya Limited (NBK). The agreement to acquire National Bank of Kenya was made with Kenyan-based KCB Group Plc.

Also read; CBN clears all valid outstanding foreign exchange backlogs

KCB Group, is a non-operating holding company that started operations as a licensed banking institution on January 1, 2026. It owns the National Bank of Kenya and all associate companies. It is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.

In a regulatory filing on Wednesday, Access Holdings Plc (NGX: ACCESSCORP), the parent company of Access Bank Plc announced that its “flagship subsidiary, Access Bank 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 from KCB.”

The transaction is in furtherance of Access Bank’s African expansion strategy. It is to reposition the bank as a stronger and significant player in the Kenyan market, whilst serving as a regional hub for its East African bloc.

The parties will be working together in the coming months to fulfil the conditions precedent relating to the Transaction. Regulatory approvals will be needed from both the Central Bank of Nigeria and the Central Bank of Kenya.

Access Bank in 2020 successfully completed the acquisition of Transnational Bank Plc (TNB) in Kenya.

Upon completion of the transaction, NBK will merge with Access Bank Kenya Plc to create an enlarged franchise.

Commenting on the Transaction, Ms. Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc 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.”

Access Bank Plc has been acquiring banks across the continent in recent times.

In January 2024, it acquired 80% stake in Uganda-based Finance Trust Bank Limited.

In July 2023, Access Bank Plc entered agreement with Standard Chartered Bank for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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