20/03/2024
Access Bank PLC, KCB group sign binding offer on acquisition of National Bank of Kenya
written by Business News Report
March 20, 2024
Access Bank PLC and KCB Group PLC (“KCB”) have signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya Limited (“NBK”) from KCB. The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt 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. For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader East African region. Furthermore, the acquisition builds on the Bank’s growing operations in the Democratic Republic of Congo, Rwanda, as well as its impending acquisitions of a majority stake in Uganda’s Finance Trust Bank Limited, the acquisition of majority equity stake in African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”), and Standard Chartered Bank’s Consumer, Private & Business Banking business in Tanzania.