Access Bank Kenya CEO Samuel Minta Steps Down
Samuel Addae Minta was also the Country Managing Director of Access Bank (Kenya) PLC and the Regional Managing Director of East and Central Africa, Access Bank PLC
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Sources familiar with his resignation revealed that his exit came as a surprise. The board, though caught off-guard by the timing, accepted his decision despite not being immediately prepared to name a successor. It is, however, reported that he had already discussed the matter with the chairman and a small group of directors prior to his announcement on October 5.
Looming over his departure are broader questions about the future of Access Bank Kenya. Like other commercial banks in the country, Access Bank has faced challenges in expanding its market share, particularly following the failed acquisition of an 83.4% shareholding in Sidian Bank Ltd from Centum.
“The completion of the proposed transaction was subject to the fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement,” Access Corporation stated in January 2023. “Although regulators have been supportive, certain conditions precedent were not met, and the parties were unable to reach an agreement to achieve the desired outcome.”
Most recently, the bank announced that it would acquire the National Bank of Kenya (NBK) from KCB in an all-stock transaction valued at Ksh13.3 billion – a deal that would merge two of the largest commercial banks in the country.
The successful completion of the transaction is subject to conditions that are customary for transactions of this nature, including receipt of all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators.
Notably, the acquisition of NBK by Access Bank PLC will be one of the first tests of regulatory scrutiny on bank deals since Nigeria’s Central Bank raised the minimum capital requirements for international banks from ₦50.0 billion (Ksh4.1 billion) to ₦500 billion (Ksh40.9 billion).
Founded in 1968, NBK has been a subsidiary of KCB Group PLC since September 2019, following KCB’s acquisition of 100% of its shareholding from the Government of Kenya.
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