Access Holdings Plc, a leading financial institution, has announced its plans to acquire the National Bank of Kenya Ltd (NBK) in a strategic move to expand its presence in the African market. The subsidiary of Access Holdings, Access Bank Plc, is set to acquire the entire issued share capital of NBK from Kenyan-based KCB Group Plc.

This acquisition is part of Access Bank’s African expansion strategy and aims to strengthen its position in the Kenyan market. The deal will also establish NBK as a regional hub for Access Bank’s East African operations, enhancing its presence in the region.

The transaction is subject to regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya. Once completed, NBK will be merged with Access Bank Kenya Plc, creating a larger franchise to drive Access Bank’s strategic objectives in Kenya and East Africa.

Bolaji Agbede, the acting Group Chief Executive Officer of Access Holdings Plc, expressed confidence in the acquisition, highlighting the potential for growth and value creation for shareholders, customers, and stakeholders. The move aligns with Access Bank’s long-term strategy to position itself as Africa’s Gateway to the World.

Access Holdings Plc operates a vast network of branches and service outlets across three continents, serving over 60 million customers in 18 countries. With a strong presence in the banking, payment, pension administration, and insurance sectors, Access Holdings Plc is poised for continued growth and expansion in the African financial landscape.