WED, MAR 20 2024-theGBJournal|Access Bank Plc is reportedly poised to acquire another Kenyan bank as it aims to boost its position in the East African market.
Reports say Access Bank’s target is a subsidiary of KCB Group, the National Bank of Kenya (NBK) which the KCB acquired less than five years ago in a rescue deal.
Kenya’s BusinessDaily reports that KCB is expected to formally announce the sale of NBK today as it releases its financial results for year ended December.
The deal, when consummated, will be subject to the approval of the Central Bank of Kenya.
A close source contacted by theG&BJournal at the Central Bank of Kenya declined to comment on the deal, but said ”it’s a good deal,” recalling the acquisition of a smaller bank in the country by Access Bank.
The multinational lender indeed, in February 1, 2020 bought a 100% stake in Transnational Bank, a much smaller bank than the NBK, to announce its presence in the Kenyan market.
This new deal comes after the attempt and collapse of the move in 2022 to buy Kenya’s Sidian Bank owned by Centum Investment Pic.
Access Bank Plc operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and 49+ million customers.
Trading as Access Corporation, it is currently the 14th most valuable stock on the NGX with market capitalization N818 billion.
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