Access Bank has signed an agreement to acquire National Bank of Kenya from KCB Group at 1.25 times NBK's book value, reported at around $100 million. The agreement, announced on 20 March 2024, would see the Nigerian lender take full ownership of NBK, a commercial bank in Kenya. Access Bank already owns Access Bank Kenya (formerly Transnational Bank).
KCB GROUP'S SALE OF NBK
KCB Group is Kenya's largest bank by assets. NBK was absorbed into KCB's group structure following an earlier state-facilitated rescue, and the subsidiary has since operated alongside KCB's core banking business. KCB Group CEO Paul Russo said the sale would 'protect the value and the efforts we've put in NBK'.
Regulatory approvals from the Central Bank of Kenya and the relevant Nigerian authorities remain a prerequisite before the transaction can be completed.
ACCESS BANK'S INTERNATIONAL FOOTPRINT
In recent years Access Bank has established or acquired banking licences across sub-Saharan Africa, the United Kingdom, and other international markets.
Access Bank has stated a goal of becoming a leading pan-African financial institution.
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