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Access Bank Plc has officially acquired National Bank of Kenya (NBK) from KCB Group Plc, following the successful completion of all regulatory approvals and transactional requirements initiated in March 2024. The deal marks a significant strategic milestone in Access Bank’s expansion drive across East Africa.
With this acquisition, Access Bank assumes full ownership of NBK, previously a wholly owned subsidiary of KCB Group. Both NBK and Access Bank Kenya will continue operating as distinct entities in the interim, while integration efforts progress.
The acquisition enhances Access Bank’s foothold in the Kenyan financial services market and aligns with its broader vision of creating a more robust, connected, and innovation-driven banking ecosystem across the continent. It also positions the bank to better serve individuals, SMEs, corporates, and public sector institutions in the region.
“Finalising this acquisition marks a significant step in our drive towards unlocking the vast potential of East Africa’s financial landscape,” said Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc.
“Kenya is a strategic gateway for regional trade, and with NBK now part of the Access Bank family, we are better positioned to provide transformative banking solutions that drive inclusive growth and support our customers’ ambitions.”
Ogbonna noted that NBK’s deep local heritage and public sector expertise would be complemented by Access Bank’s continental reach and digital innovation.
“Our goal is to serve as a bridge connecting African businesses to global markets while fuelling intra-African trade and economic development,” he added.
The deal underscores continued realignment in Africa’s financial landscape as banks pursue growth through strategic mergers and acquisitions aimed at strengthening resilience and enhancing service delivery.
Commenting on the transaction, KCB Group CEO Paul Russo described it as a value-creating step for the group and its shareholders.
“This sale is a strategic milestone for KCB Group. We believe Access Bank is well-positioned to take NBK forward and unlock new opportunities,” he stated.
“We are committed to supporting a seamless handover and transition, in full alignment with regulatory expectations and customer needs.”
Russo also confirmed that KCB Group would work closely with Access Bank to ensure continuity in service and governance during the transition period.
George Odhiambo, Managing Director of NBK, welcomed the development as a growth opportunity for both the bank and its customers.
“NBK’s legacy of serving Kenya’s public sector will be further enriched by Access Bank’s strengths in corporate, retail, and digital banking,” he said.
“This integration will enable us to offer broader, more dynamic services to our customers while expanding our market reach.”
With the legal aspects of the acquisition concluded, both institutions will now focus on aligning systems, unifying teams, and harmonising products and services. During this transition, customers will continue to transact through their existing NBK or Access Bank Kenya platforms, with no immediate changes to service channels.
The acquisition reinforces Access Bank’s ambition to be a leading pan-African financial institution and highlights growing investor interest in East Africa’s banking sector as a hub for regional growth and innovation.
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