KCB Group PLC and Access Bank PLC have apparently signing an agreement for the Nigerian lender to acquire 100 percent shareholding in National Bank of Kenya Limited (NBK) from KCB. Access Bank operates in Kenya via its subsidiary Access Bank Kenya Limited.

The transaction is subject to customary conditions, including regulatory approvals from the Central Bank of Kenya (CBK), the Central Bank of Nigeria, and the COMESA Competition Commission.

KCB Group CEO Paul Russo said “The transaction is a great opportunity to maximize value for shareholders and strengthen the competitive position of the Group. The past four years have been defining for NBK as a KCB Group subsidiary and that this step marks the opening of new opportunities.”

Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc, said “The transaction is an important milestone for the Bank as it moves us closer to achieving their five year strategic plan through increased scale in the Kenyan market. We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion, and empower many to achieve their financial dreams.”

KCB has assured NBK customers will continue to access services as usual across various touchpoints, including through the branch network and mobile banking platforms.

The exact value of the deal has not been disclosed. KCB acquired NBK in 2019 and thereafter delisted from the Nairobi Securities Exchange (NSE).

The shareholders of KCB have been advised 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.