This marks the second acquisition of a Kenyan bank within five years for Access Bank, following a failed attempt to acquire Sidian Bank in 2023.
Paul Russo, CEO of KCB Group, has expressed optimism regarding the deal, noting that Access Bank will acquire the entire stake. He views this acquisition as beneficial for the future of the National Bank of Kenya (NBK).
“We are commencing the necessary steps to ensure the success of the transaction. While it may take 6 to 9 months to finalise, we are providing a clear path forward for the institution and our employees,” Russo announced.
However, the value of the acquisition was not disclosed by the lender.
Access said that when the transaction is completed, the NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise.
Ms. Bolaji Agbede, Acting GCEO of Access Holdings Plc commenting on the deal said the transaction will help the bank to deliver value to its customers and shareholders.
She 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 over $1.1bn, 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 updated will deliver significant value for our shareholders, customers and wider stakeholder groups.”