One of the most Nigerian popular commercial banks - Access Bank Holding is in a move to acquire the National Bank of Kenya (NBK) from the KCB group. According to the group CEO, Paul Russo, Nigerian Access Bank will buy the bank entire stakes.
This Acquisition marks the second bank Access Bank is acquiring in Kenya under five years. In 2020, the Access Bank successfully acquired Transnational Bank Ltd in Kenya to enhance its market share in the East Africa districts.
The National Bank of Kenya (NBK) boasts a large and established branch network, particularly in rural areas, which will complement Access Bank's existing Kenyan footprint.
This acquisition is expected to unlock potential synergies and economies of scale, benefiting both financial institutions. The Access Bank's Group Managing Director has expressed confidence in the acquisition, stating it "aligns perfectly with our vision of becoming Africa's Gateway to the World."
The acquisition's impact on National Bank of Kenya's staff and operations remains to be seen, but both banks have emphasized a commitment to a smooth transition process. CEO Paul Russo cited that the deal will "give a predictable future about the institution and particularly our staff."