See more as finally, Access Bank secures govt approval to buy another bank

• Nigerian lender Access Bank Plc has secured authorities support to bargain its rival successful Kenya, the National Bank of Kenya
• The support was granted by Kenya’s Treasury, Central Bank, and Competition Authority, marking Access Bank's enlargement determination successful East Africa’s banking sector
• Affected employees volition proceed moving for the slope for astatine slightest 1 twelvemonth aft the acquisition is finalised

Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Nigeria’s Access Bank Plc has secured afloat ownership of the National Bank of Kenya (NBK), pursuing last support from Kenya’s National Treasury Cabinet Secretary John Mbadi.

The Central Bank of Kenya (CBK) confirmed the acquisition successful a gazette announcement dated April 11, 2025.

Access Bank acceptable to instrumentality implicit National Bank of Kenya Photo credit: Nurphoto
Source: UGC

The CBK approval present allows Access Bank to instrumentality implicit 100% of NBK’s shareholding, antecedently held by Kenya Commercial Bank (KCB) Group.

The woody includes NBK’s security arm, NBK Bancassurance Intermediary Limited, The Kenyan Times reports.

According to the CBK, the Cabinet Secretary gave his motion nether Section 9(1) of the Banking Act, portion the cardinal slope itself approved the transaction connected April 4 nether Section 13(4) of the aforesaid Act.

The woody is scheduled to beryllium presented astatine Access Bank’s adjacent annual wide meeting.

The CBK announcement stated:

“The Board of Directors of KCB Group PLC approved the acquisition of 100 percent of the issued stock superior of National Bank of Kenya Limited by Access Bank PLC arsenic per the Share Purchase Agreement dated March 20, 2024”

Access Bank acceptable to instrumentality implicit Kenyan bank

The Competition Authority of Kenya (CAK) earlier gave the greenish airy for the transaction, having determined that it would not distort marketplace competition.

To mitigate occupation losses, CAK attached conditions requiring Access Bank to clasp astatine slightest 80% of NBK’s existent workforce for 1 twelvemonth post-acquisition.

What to cognize astir the 2 banks

Access Bank, 1 of the starring commercialized banks, is listed connected the Nigerian Stock Exchange and operates successful Kenya done its section subsidiary, Access Bank (Kenya) Plc, a nonstop rival to National Bank of Kenya (NBK).

Access Bank has branches crossed Africa and besides operates extracurricular the continent.

On the different hand, the NBK has been afloat owned by KCB Group Plc since 2019.

KCB is publically traded connected the Nairobi Securities Exchange and is cross-listed successful Tanzania, Uganda, and Rwanda.

The acquisition of NBK volition grow Access Bank’s footprint successful the East African market.

Access Bank reaches statement to bargain South African bank

Legit.ng besides reported that Access Holdings Plc has announced that it has entered a binding statement to get South Africa’s Bidvest Bank.

The woody was disclosed successful a connection connected the Nigerian Exchange (NGX) signed by Sunday Ekwochi, Access Holdings’ secretary.

Access Bank is expected to implicit the acquisition successful the 2nd fractional of 2025, pending support from regulators.

Once the woody is finalised, Bidvest Bank volition merge with Access Bank's existent South African subsidiary.

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Source: Legit.ng