A Nigerian commercial bank is set to acquire the National Bank of Kenya from the KCB Group pending approvals from regulatory bodies in Kenya. The deal is expected to enhance the bank’s presence in Kenya.
The transaction value has not been disclosed, but it is estimated to be around $100 million based on the book value of the National Bank. The acquisition process is in its final stages awaiting regulatory clearances.
The KCB Group chairman mentioned that the acquisition process is close to completion and praised the National Bank team for their performance amidst the transition period.
This acquisition will mark the second investment by the Nigerian bank in Kenya, following the acquisition of Transnational Bank in 2020. The deal will expand the bank’s network and branch presence in Kenya.
Access Bank did not provide immediate comments on the acquisition.
