Access Holdings has announced its intention to acquire the National Bank of Kenya, marking its first significant move since the passing of Herbert Wigwe. The decision follows earlier reports indicating the potential sale of the National Bank of Kenya by KCB.
According to a corporate disclosure on the NGX website, Access Bank Plc, a subsidiary of Access Holdings, is set to acquire the entire issued share capital of NBK from KCB.
This strategic move is aligned with Access Bank's expansion strategy aimed at strengthening its foothold in the Kenyan market. Bolaji Agbede, Acting Group CEO of Access Holdings, emphasized the importance of the acquisition in advancing the bank's long-term strategic plan to become Africa's gateway to the world. Despite NBK's reported third-quarter loss of approximately Ksh 3 billion ($22.5 million) in September 2023, Access Holdings remains optimistic about the potential for long-term value creation.
This acquisition signifies Access Corporation's commitment to growth following the passing of its former GMD/CEO, Herbert Wigwe.
