Aiden K 
Access Bank Plc and KCB Group Plc have signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya (”NBK”) from KCB.
The suuccessful completion of the transactionis subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from,amongst others,the Central Bank of Kenya (CBK)the Central Bank of Nigeria(CBN),the COMESA Competition Commission(CCC) and notifications to other relevant regulatory bodies.
KCB Group Plc CEO Paul Russo said “The Transaction represents what we believe is a great opportunity to maximize value for our shareholders while strengthening the competitive position for the Group.The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities”
‘‘During the 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 in-organic plans ,and shall continue to seek opportunities that increase our shareholder’s value” He added.
On his part the Managing Director/CEO of Access Bank Roosevelt Ogbonna said the Transaction represents an important milestone for the Bank as it moves closer to the achievement of the Banks five-Year strategic plan through increased scale in the Kenyan Market.’‘We are building a string and sustainable franchise to support economic prosperity, encourage Africa trade ,advanced financial inclusion thereby empowering many to achieve their financial dreams”
