NAIROBI, March 20 (Xinhua) -- Access Bank, a Nigerian-based pan-African financial institution, signed a binding agreement Wednesday to purchase the National Bank of Kenya from KCB Group.
Roosevelt Ogbonna, the managing director and chief executive officer (CEO) of Access Bank, said that the transaction represents an important milestone for the commercial lender, which seeks to boost its presence in the Kenyan market.
"We are building a strong and sustainable franchise to support economic prosperity, encourage African trade, advance financial inclusion, and empower many customers to achieve their financial dreams," Ogbonna said in a statement released in Nairobi, the capital of Kenya.
Access Bank currently operates in about 13 African countries, while KCB Group has operations in about six African countries.
Ogbonna added that the acquisition of the Kenyan bank will help create an enlarged franchise in servicing more clients in the East African region.
Paul Russo, the CEO of KCB Group, said that the sale agreement of the 100 percent shareholding of the National Bank of Kenya will be a great opportunity to maximize shareholder value while strengthening its competitive position for the lender.
