TECHCABAL
The Competition Authority of Kenya (CAK) has approved Access Bank’s acquisition of the National Bank of Kenya (NBK) from KCB Group, provided it retains 80% of the staff for one year. The deal will now need the approval of the Central Bank of Kenya (CBK).
“The transaction has been approved on condition that Access Bank Plc retains, for a period of one (1) year following completion of the transaction, at least of 80% of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary,” CAK said in a statement sent to TechCabal.
Regulatory filings show that NBK has 1,384 employees while Access Bank Kenya has 316.
While the value of the transaction has not been disclosed, KCB Group announced in March 2024 that it agreed to sell National Bank for 1.25x of the bank’s book value. Given NBK’s book value of $79.77 million in 2023, the deal could be priced around $100 million.
The deal is expected to be finalised in November.
