Access Bank's East Africa Managing Director, Samuel Addae Minta, has left the lender amid the ongoing acquisition of the National Bank of Kenya (NBK) from KCB Group. Minta's departure in October comes as Access Bank awaits regulatory approval from both the Central Bank of Kenya and the Central Bank of Nigeria for the NBK buyout.
The deal, announced in March 2024, has faced delays due to regulatory approvals and a recapitalization directive from the Central Bank of Nigeria (CBN) requiring Access Bank to increase its capital base from Kes. 50 billion to 500 billion.
KCB Group remains optimistic about closing the deal before the end of the third quarter, pending final approvals from both the CBN and the Central Bank of Kenya (CBK).
Access Bank's Kenyan assets grew by over 50% during Minta's two-year tenure. His time also included an unsuccessful attempt to acquire an 83.4% stake in Sidian Bank in 2022.
The acquisition of NBK, valued at Sh13.3 billion, is part of Access Bank's five-year strategic plan to expand its presence in the Kenyan market and solidify its position as a key player in East Africa's growing financial sector. Access Bank had previously acquired Transnational Bank PLC in 2020.
