Access Bank Completes Acquisition of National Bank of Kenya, Expanding Presence in East Africa

Access Bank Plc has completed the acquisition of the National Bank of Kenya (NBK) from KCB Group Plc, representing a significant move in its strategy to expand into the East African financial market. This deal, which was initiated in March 2024, has officially closed after receiving all necessary regulatory approvals, including clearance from Kenya’s Central Bank and key government authorities. With the completion of this acquisition, Access Bank now fully owns NBK, making it a wholly-owned subsidiary.

Nevertheless, both NBK and Access Bank Kenya will continue to operate independently during the transition period. The focus has now shifted to aligning operations, integrating teams, and harmonizing product offerings in preparation for a seamless merger.

Access Bank’s CEO, Roosevelt Ogbonna, called this acquisition a transformative step in the bank’s growth strategy across Africa. “Finalizing this acquisition marks a significant step in our efforts to tap into the vast potential of East Africa’s financial landscape,” Ogbonna stated. “With NBK now part of our family, we’re positioned to offer expanded banking services to individuals, businesses, and government clients across Kenya.”

He highlighted that the combination of NBK’s strong ties to the public sector and Access Bank’s experience in corporate, retail, and digital banking is set to provide more inclusive financial solutions. “Our ambition is to bridge African businesses with global markets while fostering intra-African trade and promoting inclusive prosperity,” Ogbonna added.

The transaction is also strategically important for Kenya’s banking sector. NBK’s Managing Director, George Odhiambo, emphasized the opportunity to leverage NBK’s historical connections to Kenya’s public sector.“

Access Bank’s regional experience and innovation-driven approach will enhance our ability to serve a broader client base and deepen our market reach,” Odhiambo explained. KCB Group CEO, Paul Russo, welcomed the transaction, describing it as a milestone in value creation for shareholders.

He assured stakeholders that KCB would collaborate closely with Access Bank to ensure a smooth transition, including the transfer of operational systems and governance realignment. Customers of both banks are expected to continue accessing existing channels and services for the time being.

According to a joint statement, initial efforts will focus on ensuring internal alignment and regulatory compliance during the integration process.

This acquisition underscores Access Bank’s long-term vision to become Africa’s most respected banking group, expanding its presence in high-potential markets while reinforcing its commitment to innovation, customer service, and economic development.