Access Bank Kenya has reportedly completed the takeover of the National Bank of Kenya (NBK) following regulatory approval from the Competitions Authority of Kenya (CAK).
The last face of the deal to be fully completed is for the approval of the Central Bank of Kenya (CBK).
Access Bank and KCB Group, the owner of NBK in March 2024, signed a binding agreement for the acquisition, which is 1.25x of the National Bank of Kenya’s book value.
TechCabal reports that the deal is worth about $100 million,
Also, TechCabal quoted CAK as saying:
“The transaction has been approved on condition that Access Bank Plc retains, for a period of one (1) year following completion of the transaction, at least of 80% of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary.”...Read Full Article [Click Here>]
When the deal is completed, the number of branches of Access Bank will increase from 12 to 40 in Kenya.
Legit.ng had earlier reported that Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc, said the acquisition represents an important milestone for the Bank as it moves us closer to achieving its five-year strategic plan through increased scale in the Kenyan market.
He said:
“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.
“Trade flows in East Africa revolve around key trade corridors, with Kenya being a key player in the region.”
