The Kenya Commercial Bank (KCB) has agreed with Nigeria’s Access Bank to sell 100 percent of the National Bank of Kenya Limited (NBK).

The agreement awaits regulatory approvals from the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators.

KCB Group CEO Paul Russo said the transaction represents an opportunity to maximize value for the lender’s shareholders while strengthening the group's competitive position.

 “The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities.”

“During the period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability. Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder’s value,” he said.

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Access Bank has been looking to expand its market share in Kenya after it acquired a 99.98 percent ownership stake in Transnational Bank for an estimated Kes 1.5 billion in 2020.

However, its impending takeover of Sidian Bank failed after the parties disagreed on an agreement.

“The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market,” Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc said.