Samuel Addae Minta, the CEO of Access Bank Kenya and Regional Managing Director for East and Central Africa, has officially stepped down from his position, marking the end of his two-year, eight-month tenure. His departure on October 5, 2024, comes at a critical time for the lender, as Access Bank is in the final stages of a major transaction to acquire the National Bank of Kenya (NBK) from KCB Group.
Mr. Minta’s exit coincides with the pending regulatory approval from the Central Bank of Kenya (CBK) and the Central Bank of Nigeria (CBN) for the acquisition of NBK. Access Bank had announced its intent to purchase NBK on March 20, 2024, in a binding agreement with KCB Group, valuing the acquisition at Sh13.3 billion. KCB Group initially set a target to close the deal by September 30, 2024, but regulatory hurdles have delayed the transaction.
“We are at a regulatory approval level. We filed both with the CBN and the CBK. We have received some feedback from them and responded. We are expecting the no objection to come anytime. We are at the tail-end of doing the completion audit, everything constant we should be closing the deal before the end of quarter three.” remarked KCB Group’s Chief Finance Officer, Lawrence Kimathi, while discussing the bank’s half-year earnings.
Despite the optimistic outlook, the acquisition process has faced complications, including a directive from the CBN on March 28, 2024, which required Nigerian banks to recapitalize.
Access Bank’s acquisition of NBK is subject to approval from various regulatory bodies, including the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and other relevant authorities. The successful conclusion of this transaction is expected to strengthen Access Bank’s presence in the Kenyan market and enhance its competitive positioning within the East African banking sector.
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NBK Bank, founded in 1968, has been a fully-owned subsidiary of KCB Group since September 2019, after KCB’s 100% acquisition of the lender from the Kenyan government. The acquisition by Access Bank aims to expand its regional footprint, following its 2020 purchase of Transnational Bank, another Kenyan lender.
Samuel Addae Minta’s leadership since joining Access Bank in March 2022 has been instrumental in advancing the bank’s operations in the region. However, his sudden exit leaves the bank navigating through a critical phase of corporate expansion. Access Bank has yet to announce his successor.