Access Bank Buys Another Bank, Customers Get More Branches, CEO Shares Excitement, Future Plans
- Access Bank has announced the acquisition of another bank in Kenya as it continues to expand its footprint in the country
- The bank disclosed the acquisitions in a statement after signing an agreement on Wednesday, March 20
- Access Bank remains one of Nigeria's biggest banks, with operations in at least 20 African countries and outside the continent
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Access Bank Plc has announced that it signed an agreement to acquire the National Bank of Kenya from KCB Group Plc.
In a statement released on X, Access Bank said a binding offer has been signed with KCB Group Plc on the acquisition on Wednesday, March 20, 2024.
Source: Facebook
Part of the statement reads:
"Access Bank PLC and KCB Group PLC ("KCB") have today signed a binding agreement to acquire 100% shareholding in National Bank of Kenya Limited ("NBK") from KCB.
"The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators."
The National Bank of Kenya is one of the biggest banks in the country, boasting 85 branches and over 1,000 employees.
The branches are now expected to be renamed Access Bank after all approvals have been received, which will give customers more options.
Access Bank's latest buy is the second in Kenya after it bought Transnational Bank Ltd. in 2019.
Bloomberg reports that the move is expected to further boost Access Bank's footprints in Kenya and East African markets.
Access Bank CEO speaks
Reacting to the acquisition, Access Chief Executive Officer Roosevelt Ogbonna said the transaction was part of the bank's plan to increase its foothold in the Kenyan market.
His words:
"The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market.
"We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams."
Also, KCB Group CEO Paul Russo said:
"This transaction represents what we believe is a great opportunity to maximize value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities."
"During the period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability.
"Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder's value."
Access Bank gets new chairman
Earlier, Legit.ng reported that Aig-Imoukhuede emerged as the new chairman of Access Holdings Plc.
He replaced Abubakar Jimoh, who is expected to remain as an independent non-executive director.
Over the years, Aig-Imoukhuede has established himself as a remarkable and powerful leader beyond the banking sector.
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Source: Legit.ng
