Access Bank PLC has finalized the purchase of 100% of National Bank of Kenya Limited (NBK) shares, in a binding agreement signed on Thursday, March 21, with KCB Group PLC.

The successful completion of the transaction is subject to customary conditions for transactions of this nature, including the receipt of all regulatory approvals from the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators.

The CEO of Access Bank Plc, Roosevelt Ogbonna, said after signing the agreement that "the transaction represents an important milestone for the Bank, enabling the realization of the institution's strategic plan to increase its presence in the Kenyan market over the next five years." "We are building a strong and sustainable franchise to support economic prosperity, encourage African trade, promote financial inclusion, empowering many people to achieve their financial dreams," he said.

Roosevelt Ogbonna added that "trade flows in East Africa revolve around important trade corridors, with Kenya being a key player in the region." "With the African Continental Free Trade Agreement, these corridors will continue to expand and by deploying our world-class financial solutions, we are strategically positioned to deliver sustainable value to our stakeholders," said the CEO of Access Bank Plc.

For his part, the CEO of KCB Group, Paul Russo, said that "this transaction represents a great opportunity to maximize the value for the institution's shareholders, while strengthening the Group's competitive position". "The last four years have been decisive for NBK as a subsidiary of the KCB Group and this step marks the opening up of new opportunities," said Paul Russo.

The Managing Director of Access Bank Mozambique, Marco Abalroado, believes that "this acquisition reinforces the Bank's robust expansion strategy and will contribute to an increasingly strong global franchise, focused on serving as a gateway for payments, investment and trade between African countries," he said.

In the coming months, Access Bank PLC and KCB Group PLC will continue to work together to fulfill the conditions precedent related to the proposed acquisition.

Access Bank will continue to provide a full range of banking services to its stakeholders, including employees and customers in Kenya.

Upon completion, stakeholders will benefit from an expanded franchise, with world-class customer service and governance structures committed to empowering the communities where the Bank operates.