Concerns as Nigeria’s Access Bank Acquires Kenya’s Largest Commercial Bank, Triggers Reactions

Several people from and across Africa have shared their perspectives on the news of the Access Holdings Plc binding agreement with Kenyan-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited.

This was made known in a statement filed on the Nigerian Exchange Limited on Wednesday, by Access Holdings’ Secretary, Sunday Ekwochi.

According to the statement, the deal will see Access Holdings’ 100% acquisition of the Kenyan national bank from KCB which is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.

Also, the transaction is in furtherance of the Bank’s African expansion strategy and will reposition it as a stronger and more significant player in the Kenyan market whilst serving as a regional hub for East Africa.

The parties would be working together in the coming months to fulfill the conditions precedent relating to the Transaction, which includes the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya.

The target would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of strategic objectives for the Kenyan and East African markets. The report further revealed.

Meanwhile, commenting on the Transaction, the Acting Group Chief Executive Officer (CEO) of Access Holdings Plc, Bolaji Agbede, said, “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.

“The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet over US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market. We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.”