Table of Contents
Key Points
- Access Bank secures regulatory approval for a $100-million acquisition of National Bank of Kenya from KCB Group, enhancing its East African market presence.
- The acquisition mandates Access Bank to retain at least 80% of NBK’s workforce for one-year post-merger, addressing public employment concerns.
- Founded in 1988, Access Bank operates over 700 branches and serves 60 million customers across 22 markets, including sub-Saharan Africa, the UK, and Dubai.
Access Bank, a key subsidiary of Access Holdings led by Nigerian banker Aigboje Aig-Imoukhuede, has officially obtained regulatory approval for its ambitious $100 million acquisition of the National Bank of Kenya (NBK) from KCB Group.
This move is designed to enhance Access Bank's footprint in Kenya’s burgeoning financial market, reflecting the institution's commitment to expanding its presence in East Africa.
Under the terms of the approval, Access Bank will retain at least 80 percent of NBK’s workforce, as well as all of Access Bank (Kenya) Plc's employees, for one year post-acquisition. This stipulation seeks to safeguard jobs and maintain workforce stability during the merger process, addressing public concerns over potential employment impacts.
Comprehensive Regulatory Approval
The deal structure involves the acquisition of 100 percent of NBK’s issued share capital by Access Bank Plc from KCB Group. Upon completion, Access Bank intends to merge NBK with its existing Kenyan operations, Access Bank (Kenya) Plc, forming a single, more competitive entity in the Kenyan market.
Regulatory approval was granted following a thorough assessment, which concluded that the acquisition would not negatively impact competition within Kenya’s financial sector. Despite some concerns related to public interest and employment, the Competition Authority of Kenya (CAK) imposed specific conditions to mitigate these effects, including workforce retention requirements.
National Bank of Kenya (NBK), a subsidiary of KCB Group Plc and listed on the Nairobi Securities Exchange, offers a full range of retail, corporate, and Islamic banking services. With 77 branches in 28 counties, NBK enhances Access Bank's presence, which has 23 branches in 12 counties, facilitating significant expansion opportunities in East Africa's largest economy.
Access Bank strengthens digital lending efforts
Founded in 1988, Access Bank is the flagship banking subsidiary of Access Holdings. With over 700 branches and a robust customer base of 60 million across 22 markets—including sub-Saharan Africa, the UK, and Dubai—the bank has solidified its position as a leader in the industry.
In Nigeria alone, Access Bank employs nearly 30,000 individuals, further extending its global reach with representative offices in China, Lebanon, and India.
Under Aig-Imoukhuede’s leadership, Access Bank has intensified its commitment to environmental sustainability, engaging with stakeholders on climate change initiatives, enhancing air quality, and fostering a resilient energy framework to propel Nigeria’s economic development.
In addition to expanding its regional footprint, Access Bank has actively supported digital lending. Through its QuickBucks platform, the bank disbursed N740 billion ($456.8 million) over the past seven years, improving financial accessibility for Nigerian consumers and advancing financial inclusion in the country.
