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In yet another solid step towards its 5-year growth and expansion strategy to become the “World’s Most Respected African Bank”, Access Bank Plc has announced that it has signed a binding agreement to acquire 100 per cent of KCB Group Plc’s shareholding in the National Bank of Kenya Limited.
This is the second acquisition by Access Bank Plc in Kenya, after the 2019 purchase of Transnational Bank Limited.
In a joint statement, Access and KCB Group said that the “successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators”.
Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc said that the transaction “represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market”.
“We are building a strong and sustainable franchise to support economic prosperity, encourage African trade and advance financial inclusion thereby empowering many to achieve their financial dreams,” added Mr. Ogbonna.
Access Bank Plc (Access), one of Africa’s largest banking groups, has been on an aggressive expansion drive on the African continent.
Mid-January this year, Access Holdings Plc, announced that its flagship subsidiary, Access Bank Plc, had entered into a definitive agreement with the Ugandan-based Finance Trust Bank Ltd (FTB) and its selling institutional shareholders for the acquisition of a majority equity stake in FTB- believed to be 80%.
In July 2023, Access Bank Plc (Access) and Standard Chartered Bank entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as Standard Chartered Bank’s Consumer, Private and Business Banking business in Tanzania.
Commenting on the Standard Chartered Bank transaction, Roosevelt Ogbonna, said the deal represents a key step in Access Bank Plc’s journey to build a strong global franchise focused on serving as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world, anchored by a robust capital base; a relentless focus on execution; and best-in-class customer service & governance structures.
“With our recent European expansion and our deepened presence in key trading corridors across Africa, we will bridge the gap between cross-border and domestic transfers across all business segments,” Ogbonna added.
Access Bank, a wholly owned subsidiary of Access Holdings Plc operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 52 million customers.
The bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom, a branch in Dubai, UAE and representative offices in China, Lebanon and India.
Access Bank’s parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders.