Access Bank is set to acquire the National Bank of Kenya. Recent development shows that Access Bank is reportedly swooping in to purchase the National Bank of Kenya (NBK) from KCB Group.
Access Bank to Acquire the National Bank of Kenya
Guess what? The CEO of KCB Group, Paul Russo, spilled some big news during an investor briefing. He spilled the beans that they made a deal with Access Group for 1.25 times the book value. But, he didn’t give us the exact number, so we’ll have to wait a bit longer for that.
But hold your horses, folks! It won’t be official for another six to nine months, so don’t start celebrating just yet. Despite this, Russo is feeling pretty positive about the situation, especially for the future of NBK’s employees.
KCB Rescued NBK from Going Bankrupt In 2019
Back in 2019, KCB swooped in to rescue NBK from going bankrupt. But even with all their efforts, NBK has been struggling with some old problems, as KCB’s chairman, Joseph Kinyua, confessed during the investor briefing.
So, now Access Bank is stepping in to give NBK a fresh start. Let’s keep our eyes peeled to see where this deal will take them!
Access Bank’s First Rodeo in Kenya
But here’s the other side of the coin: This isn’t Access Bank’s first rodeo in Kenya. Back in 2020, they scooped up Transnational Bank to beef up their presence in East Africa. And now? Well, they’re planning to use NBK to strengthen their foothold in the country and make the most of the region’s booming trade scene.
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