Access Bank is on the verge of completing the acquisition of the National Bank of Kenya from the KCB Group.
Reports state that the deal will be finalized after the Central Bank of Kenya (CBK) and the Competition Authority of Kenya (CAK) approve the Nigerian bank’s acquisition of the National Bank of Kenya from the KCB Group.
In March 2024, the KCB Group announced they would sell the National Bank for 1.25x of its book value. Given the 2023 book value for the NBK is $79.77 million, speculations place the price tag at around $100 million.
The National Bank of Kenya was acquired by the KCB Group in 2019 for an undisclosed amount, subsequently injecting over $60 million into the bank, enabling it to meet the Central Bank of Kenya’s minimum capital requirements.
Analysts suggest that the Access Bank is set to inject more capital into the bank upon acquisition.
I am pleased to inform you that the process is nearing completion and is only awaiting the approvals, for which we believe we should be concluding very soon. In the coming months, we shall communicate the next steps.
Joseph Kinyua, KCB Group Chair
The acquisition is expected to be concluded before the end of the year and will be Access Banks’ second acquisition in Kenya under five years.