Access Bank, has announced an agreement to acquire the National Bank of Kenya (NBK) from the KCB Group. This exciting development marks Access Bank's second Kenyan acquisition in under five years, showcasing its commitment to the region's growth.
The news comes on the heels of Access Bank's previous attempt to expand its Kenyan footprint through the acquisition of Sidian Bank in 2023, which ultimately did not come to fruition. However, KCB Group CEO, Paul Russo, expressed optimism about the current deal, emphasizing its potential to benefit NBK's future.
"We're thrilled to embark on this journey with Access Bank to ensure a smooth and successful transaction," Russo said. "While the process is expected to take 6 to 9 months to finalize, it brings much-needed stability and a clear path forward for the National Bank of Kenya and its dedicated employees."
This acquisition aligns perfectly with Access Bank's ambitious plans for East Africa, building upon their initial acquisition of Transnational Bank in 2020.
"We view this transaction as a significant milestone for Access Bank," said Access Bank CEO, Roosevelt Ogbonna. "The increased scale we gain within the Kenyan market brings us considerably closer to achieving the goals outlined in our five-year strategic plan."
Previously facing financial challenges, NBK was acquired by KCB Group in 2019 as part of a government-backed initiative. Since then, KCB has implemented significant measures to strengthen NBK's financial standing.
"KCB made a bold decision to acquire NBK in 2019," stated KCB Group chairman, Joseph Kinyua. "While we've made significant progress, unforeseen circumstances have impacted our efforts to fully restore the bank's health."
The acquisition presents a compelling opportunity for Access Bank to leverage its expertise and resources to revitalize NBK and solidify its position as a key player within the Kenyan banking landscape.
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