DLA Piper and Bowmans are currently providing advisory services for an impending acquisition of Kenya’s first state-owned financial institution, the National Bank of Kenya (NBK), by Access Holdings. This multinational financial group, which is headquartered in Nigeria, has disclosed its intention to buy out the entire issued share capital of NBK. The current owner is the KCB Group, another Kenyan entity, that acquired the bank from the Kenyan government in 2019.
The deal, as it stands, is projected to conclude within the next six to nine months, with the necessary clearance from both Nigerian and Kenyan central bank authorities. However, more comprehensive details about the transaction have not been divulged at this point.
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