BREAKING NEWS: Access Holdings announces plans to acquire National Bank of Kenya

Access Holdings announces plans to acquire National Bank of Kenya

Access Holdings announces plans to acquire National of

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Access Holdings has announced plans to acquire the National Bank of Kenya.

According to a corporate disclosure on the Stock Exchange website, Access Bank Plc, the leading subsidiary of Access Holdings, would acquire the entire issued share capital of National Bank of Kenya Limited from KCB.

The development comes after the KCB group announced the sale of the National Bank of Kenya.

Details showed that Access Bank 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.

KCB is also the holding company of KCB Bank Ltd., Kenya's largest commercial bank.

The bank said this aligns with Access Bank's strategic expansion initiative and is poised to solidify its presence in the Kenyan market.

On the transaction, Bolaji Agbede, the Group CEO of Access Holdings Plc, noted: “This proposed acquisition marks a significant step in executing our five-year strategic plan to position the bank as 's gateway to the . The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet of over $1.1 billion, presents a compelling opportunity to scale up our growth in the East 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.”

This will be the firm's first acquisition since the demise of its former GMD/CEO, , in February .

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