Access Bank, A Nigerian multinational financial bank disclosed its decision to acquire The National Bank of Kenya from the KCB Group as part of its continuous growth strategy.

Sunday Ekwochi, Access Holdings Secretary, made this known to the public in a statement filed on the Nigerian Exchange Limited, on Wednesday, 20th March 2024, after receiving approval from the Central Banks of Kenya and Nigeria.

Also, if this arrangement is accomplished, it’ll be the second Kenyan Bank Access Bank has acquired in 5 years after buying the Transnational Bank Limited in 2019.

According to the statement;

“Access Holdings Plc today announces that its flagship subsidiary, Access Bank Plc has entered into a binding agreement with Kenyan-based KCB Group Plc (“KCB”) for the acquisition of the entire issued share capital of National Bank of Kenya Limited (“NBK” or ‘the Target’’) from KCB. (‘the Transaction’) KCB is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.”

The statement added;

“The Transaction is in furtherance of the Bank’s African expansion strategy and will reposition it as a stronger and significant player in the Kenyan market whilst serving as a regional hub for our East African bloc anchored by a solidified balance sheet.”

“The parties will be working together in the coming months to fulfil the conditions precedent relating to the Transaction, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya.”

“Sequel to the completion of the Transaction, the Target would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.”

Furthermore, Bolaji Agbede the acting CEO of Access Holdings Plc commented. 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.”

She also stated ;

“The deal with NBK, a 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,”  she added lastly. 

However, it is no news that Access Bank has achieved a milestone in the past 26 years – Going from an unknown Nigerian Bank to a world-class African Financial Institution is no small feat.

This is the same way Access Bank announced its intention to merge with Diamond Bank in 2018.  And it successfully completed the merger of Diamond Bank in March 2019.

Access bank didn’t allow its loss – The death of Herbert Wigwe to affect its growth.

Access Bank has built a strong reputation in the banking sector. And they don’t seem to be backing down anytime soon in the pursuit for growth.

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