Finally, Access Bank Gets Approval to Buy Another Bank for $100m, Increase Number of Branches

• Access Bank has moved one step closer to completing the deal to acquire the National Bank of Kenya 100%
• The bank deal, which was first announced in March 2024, is now set to be completed in a deal worth $100 million
• With the acquisition, Access Bank has now further strengthened its presence in the East African market

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 Kenya has reportedly completed the takeover of the National Bank of Kenya (NBK) following regulatory approval from the Competitions Authority of Kenya (CAK).

The last face of the deal to be fully completed is for the approval of the Central Bank of Kenya (CBK).

Access Bank and KCB Group, the owner of NBK in March 2024, signed a binding agreement for the acquisition, which is 1.25x of the National Bank of Kenya's book value.

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TechCabal reports that the deal is worth about $100 million,

Also, TechCabal quoted CAK as saying:

“The transaction has been approved on condition that Access Bank Plc retains, for a period of one (1) year following completion of the transaction, at least of 80% of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary."

When the deal is completed, the number of branches of Access Bank will increase from 12 to 40 in Kenya.

Access Bank CEO speaks on deal with KCB Group

Legit.ng had earlier reported that Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc, said the acquisition represents an important milestone for the Bank as it moves us closer to achieving its five-year strategic plan through increased scale in the Kenyan market.

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He said:

"We are building a strong and sustainable franchise to support economic prosperity, encourage African trade, and advance financial inclusion, thereby empowering many to achieve their financial dreams.

"Trade flows in East Africa revolve around key trade corridors, with Kenya being a key player in the region."

4 Nigerian banks named among Africa’s Top 20

Legit.ng earlier reported that Nigerian banks had been included in a new report published by the African Business on the list of the most prominent African banks in 2024.

Financial institutions in South Africa, Egypt, Morocco, and Algeria dominate the list.

South Africa’s banking giant Standard Bank Group is the top Bank in Africa for 2024, followed by the National Bank of Egypt, and Morocco’s Attijariwafa Bank comes third.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng