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In a significant move, Access Holdings has unveiled plans to acquire the National Bank of Kenya, marking its first major deal following the passing of Herbert Wigwe.
According to a corporate disclosure on the NGX website, Access Bank Plc, the flagship subsidiary of Access Holdings, will purchase the entire issued share capital of the National Bank of Kenya Limited from KCB. This strategic move aligns with Access Bank’s expansion strategy and aims to bolster its presence in the Kenyan market.
Bolaji Agbede, Acting Group CEO of Access Holdings Plc, commented on the transaction, stating, “This proposed acquisition marks a significant step in the execution of our five-year strategic plan aimed at positioning the Bank as Africa’s Gateway to the World.” Agbede further emphasized the compelling opportunity presented by the acquisition, highlighting NBK’s strong reputation and substantial balance sheet exceeding US$1.1 billion.
Agbede expressed confidence in the investment towards diversifying and strengthening the bank’s long-term earnings profile, emphasizing the potential value it will deliver for shareholders, customers, and wider stakeholder groups.
This acquisition represents Access Corporation’s first major move since the passing of former GMD/CEO Herbert Wigwe, indicating the bank’s commitment to its aggressive growth strategy through strategic acquisitions.
National Bank of Kenya’s financial performance reveals a third-quarter loss of approximately Ksh 3 billion ($22.5 million) as of September 2023. Despite this, the bank maintains a net equity of Ksh 10.6 billion ($79.6 million) and carries a retained loss of about Ksh 7.9 billion ($59.3 million).
Access Holdings’ acquisition of the National Bank of Kenya signifies a significant development in the African banking landscape, underscoring the company’s strategic vision for expansion and growth across the continent.
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