Toba Owojaiye reporting.
Abuja , Nigeria
Access Bank Plc is set to acquire the biggest bank in Kenya. Access Bank plc has made 4 acquisitions in their history to get to where they are.
Access Bank PLC’s recent agreement to acquire the National Bank of Kenya Limited from KCB Group PLC marks a significant development in the African banking landscape.
This strategic move underscores Access Bank’s ambition to expand its footprint in the Kenyan market and strengthen its position in East Africa. The acquisition, involving the purchase of 100 percent shareholding in National Bank of Kenya Limited, reflects Access Bank’s commitment to realizing its long-term strategic goals.
Truth Live News gathered the the Access Bank’s Managing Director/Chief Executive, Roosevelt Ogbonna, emphasized the importance of the acquisition in advancing the bank’s five-year strategic plan. By increasing its scale in the Kenyan market, Access Bank aims to build a robust franchise capable of supporting economic growth, fostering Africa trade, and promoting financial inclusion. This move aligns with Access Bank’s vision of empowering individuals and businesses to achieve their financial aspirations.
The acquisition also holds promise for KCB Group PLC, as expressed by CEO Paul Russo. He sees the transaction as an opportunity to maximize value for shareholders while opening new avenues for growth. Over the past four years, National Bank of Kenya Limited has operated as a subsidiary of KCB Group, and this strategic divestment signals a shift towards exploring fresh opportunities.
Upon completion of the acquisition, Access Bank plans to merge National Bank of Kenya Limited with its existing subsidiary, Access Bank Kenya Plc. This amalgamation will create an enlarged franchise with a renewed focus on delivering exceptional customer service and fostering community development initiatives. Access Bank assures stakeholders, including employees and customers in Kenya, of uninterrupted access to a full range of banking services through various channels.
Regulatory approvals from authorities such as the Central Bank of Kenya, the Central Bank of Nigeria, and the COMESA Competition Commission are crucial steps in finalizing the transaction. Both Access Bank and KCB Group are committed to working diligently to fulfill these requirements and ensure a seamless transition process.
This comes as some good news for the shock loss of their MD/CEO Late Hebert Wigwe, a transaction that he was a major player and prime mover.