Access Bank, a major player in Nigeria’s financial sector, has made significant strides in its African expansion by securing a deal to acquire the National Bank of Kenya (NBK). This acquisition, valued at approximately $100 million, follows regulatory approval from the Competitions Authority of Kenya (CAK).
Once the Central Bank of Kenya finalizes its approval, Access Bank will expand its presence in Kenya from 12 to 40 branches, solidifying its foothold in the East African financial market .
This move is part of Access Bank’s broader five-year strategy to enhance its scale and impact across Africa. Earlier in 2024, Access Bank completed its acquisition of BancABC Tanzania, further strengthening its operations in the region.
These acquisitions reflect the bank’s commitment to fostering financial inclusion, promoting regional trade, and driving economic growth. The bank’s CEO, Roosevelt Ogbonna, described the deals as pivotal steps toward building a sustainable financial franchise across Africa. He highlighted Kenya’s strategic role as a hub for trade in East Africa, emphasizing Access Bank’s ambition to support the region’s economic integration .
As part of the acquisition terms, Access Bank is required to retain at least 80% of NBK’s workforce for a year following the deal’s completion. This underscores the bank’s dedication to preserving jobs while driving growth and innovation in its newly acquired markets .
Access Bank’s expansions come amidst growing competition among African banks to dominate regional markets. Its acquisitions align with its vision of becoming Africa’s gateway to the world, leveraging robust infrastructure to empower individuals and businesses across the continent. These developments position Access Bank as a key player in reshaping Africa’s banking landscape .
