Access Bank nears final stage to finalize National Bank of Kenya Acquisition

Access Bank nears final stage to finalize National Bank of Kenya Acquisition

Access Bank, the biggest bank in Nigeria by assets, is in the advanced stages of acquiring the National Bank of Kenya (NBK) from KCB Group . Both banks signed a binding agreement in March 2024, with the transaction valued at approximately $100 million. This is equating to 1.25 times NBK's book value as of 2023. If Access Bank completes the NBK acquisition, it'll mark a significant milestone in the bank’s pan-African expansion, giving it a stronger grasp in Kenya—East Africa’s largest economy and a major financial hub. The acquisition has already gotten approval from the Central Bank of Nigeria (CBN). However, it is still pending regulatory approvals from authorities from Kenya including the Central Bank of Kenya (CBK), and the COMESA Competition Commission. The Competition Authority of Kenya (CAK) has granted conditional approval, stipulating that Access Bank must retain at least 80% of NBK's workforce for a minimum of one year post-acquisition. The Bank was also directed to re…