Access Bank Plc has officially concluded the acquisition of the National Bank of Kenya (NBK) from KCB Group Plc, marking a significant milestone in its strategic expansion into East Africa. The transaction, which began in March 2024 and recently received all required regulatory approvals, is expected to reshape the banking landscape in the region.
This follows receipt of all relevant regulatory approvals, including from the Central Bank of Kenya, the Central Bank of Nigeria and the COMESA Competition Commission. Access Bank will work with the management team of NBK to enhance its operations,
KCB Group, which previously held 100% ownership of NBK, transferred full control of the institution to Access Bank. Following the acquisition, NBK becomes a wholly owned subsidiary of Access Bank and will operate independently while ongoing integration activities are finalised.
The Access Bank acquisition of NBK signifies a major pivot in Access Bank’s drive to build a stronghold in East Africa, particularly Kenya, which is a crucial financial hub in the region. The move is expected to bolster Access Bank’s operations by enabling it to deliver a wider range of banking solutions to both individuals and businesses across Kenya.
In a statement on the transaction’s completion, Paul Russo, CEO of KCB Group, noted, “The completion of this transaction marks a significant milestone for KCB Group in our efforts to create and deliver value for our shareholders. We are confident the sale will unlock new opportunities for all stakeholders.”
Russo also affirmed that KCB would work alongside Access Bank to ensure a smooth handover, focusing on the successful transition and closure of customary processes, including the alignment of governance structures and technology systems in line with regulatory guidelines.
The acquisition positions Access Bank to tap deeper into Kenya’s growing banking sector. Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, said the deal “marks a significant step in our drive towards unlocking the vast potential of East Africa’s financial landscape.”
Ogbonna emphasized that with NBK now integrated into the Access Bank family, the group is better placed to deploy its pan-African expertise and digital banking capabilities in Kenya. He added, “Our ambition is clear: to be the bridge that connects African businesses to global markets, fuel intra-African trade, and drive inclusive prosperity.”
George Odhiambo, Managing Director of NBK, echoed the sentiment, highlighting NBK’s longstanding legacy in serving Kenya’s public sector. “Access Bank’s extensive experience across retail, corporate, and digital banking combined with a strong public sector focus offers an exciting opportunity to expand our reach,” he said.
While the acquisition is now legally complete, both banks will begin a structured transition process aimed at achieving full operational integration. In the meantime, customers of both NBK and Access Bank Kenya will continue accessing services through their respective banking channels.
The immediate focus, according to the statement, is on harmonising product offerings, aligning internal operations, and unifying teams under a single strategic vision.
“The transaction reflects ongoing market developments to enhance the banking sector’s resilience,” the joint statement concluded.
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