NBK
KCB Group PLC and Access Bank PLC have signed a binding offer on the acquisition of the National Bank of Kenya (NBK).
In a statement on Wednesday, KCB said Acess Bank will have 100 percent ownership after the transaction is completed.
The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of 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.
Speaking after signing the agreement with Access Bank, KCB CEO Paul Russo said the transaction represents a great opportunity for KCB to maximize while strengthening its competitive position.
“The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities. During this period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability. Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder’s value,” said Russo.
Commenting on the transaction, Roosevelt Ogbonna, Managing Director of Access Bank Plc said: “The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market. We are building a strong and sustainable franchise to support economic prosperity, encourage African trade, and advance financial inclusion thereby empowering many to achieve their financial dreams.
KCB Group advised shareholders of KCB and other investors to exercise caution when dealing in the shares of KCB on the Nairobi Securities Exchange, the Uganda Securities Exchange, the Rwanda Stock Exchange, and the Dar es Salaam Stock Exchange pending completion of the proposed transaction.
In the meantime, NBK customers will continue to access seamless services across various touchpoints including through the branch network and mobile banking platforms.
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