Access Bank Plc is on the brink of a significant expansion in East Africa as it nears the acquisition of National Bank of Kenya (NBK). The Nigerian banking giant has entered the final stages of this strategic move, pending approvals from the Central Bank of Kenya and the Competitions Authority of Kenya. This acquisition is a key part of Access Bank’s five-year plan to enhance its presence in Kenya and solidify its role in the East African trade corridors.
The transaction involves the purchase of 100% shareholding in NBK from KCB Bank Group, with an acquisition price expected to be around $100 million. This valuation is based on 1.25 times NBK’s 2023 book value, highlighting the importance of this acquisition in Access Bank’s strategy to expand its operations and service offerings in the region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank, emphasized that this acquisition will significantly boost the bank’s scale in Kenya. The integration of NBK with Access Bank Kenya Plc is anticipated to create a larger, more robust franchise, better equipped to serve the banking needs of customers in Kenya and the broader East African market.
The acquisition is subject to regulatory approvals from the Central Bank of Nigeria and the COMESA Competition Commission, ensuring that the merger meets all necessary compliance requirements. Once finalized, the merger will combine NBK’s operations with Access Bank Kenya Plc, positioning the enlarged franchise to leverage Access Bank’s comprehensive financial solutions for delivering sustained value to stakeholders.
KCB Group CEO Paul Russo noted that this transaction not only maximizes value for shareholders but also strengthens the competitive position of KCB Group in the region. The move underscores the strategic importance of Kenya in Access Bank’s broader vision of becoming Africa’s Payment Gateway to the World.
Access Bank is committed to maintaining continuity and providing a full range of banking services to its stakeholders in Kenya. This acquisition marks a critical step in the bank’s journey to expand its footprint across Africa and deliver innovative financial solutions to the East African market.
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