NBK sale enhances KCB's competitiveness — Paul Russo
NBK sale enhances KCB's competitiveness — Paul Russo
KCB Group has agreed to sell its entire shareholding in the National Bank of Kenya Limited (NBK) to Access Bank PLC. This deal is set to fortify the competitive stance of both banking heavyweights, pending regulatory approval from key financial authorities across Africa.
The acquisition, which is subject to regulatory nod from the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, among others, marks a strategic stride towards realizing Access Bank's ambitious five-year strategy to expand its footprint in the Kenyan market and beyond.
Paul Russo, KCB Group CEO, said the plan is expected to be complete within the next six to nine months.
He further cited the transformational journey of NBK under KCB's stewardship over the past four years. "This transaction represents a tremendous opportunity to maximize value for our shareholders and strengthens the competitive position for the Group," Russo stated.
Read also: KCB halts dividends as net profit dips to Sh37.5Bn on rising costs
He added that the Group is committed to exploring both organic and inorganic growth avenues to enhance shareholder value.
Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc, noted that this deal aligns with Access Bank's strategic vision of building a robust and sustainable banking franchise that supports economic prosperity and financial inclusion across Africa.
"By acquiring NBK, we are significantly scaling our operations in Kenya, a key player in East Africa's trade corridors, thereby advancing our aspiration to become Africa’s Gateway to the World in payments," explained Ogbonna.
The merger of NBK with Access Bank Kenya Plc is poised to create a formidable entity in Kenya's banking sector, aimed at advancing economic development and financial inclusion.
This new franchise is expected to deliver unparalleled customer service and strong governance, amplifying Access Bank's commitment to fostering economic growth and empowering communities across the region.
