Kenya: Access Holdings to Pay $109.6 Million for National Bank of Kenya in East African Expansion Drive

Access Holdings Plc, the parent company of Nigeria’s largest bank by assets, has confirmed it will pay $109.6 million (₦179.1 billion) to acquire the National Bank of Kenya (NBK) from KCB Bank Group, as detailed in its Q2 2025 financial statements.

According to the report, the transaction—initially announced in March 2024 and completed in May 2025—is still awaiting final payment. Access disclosed that it received completion documents from KCB Group on May 30, 2025, with the total consideration estimated at $109.6 million, aligning closely with earlier valuation estimates of around $100 million, or 1.25 times NBK’s book value of $79.77 million (as of 2023).

To support the acquisition, the African Export–Import Bank (Afreximbank) has provided a $89.5 million (₦142.3 billion) guarantee to secure the pending payment.

The move marks a major step in Access Holdings’ East African expansion strategy, particularly in Kenya, where it already operates Access Bank Kenya. The acquisition of NBK offers Access an extensive branch network and a strong base of government and corporate clients—key to establishing a stronger foothold in the region’s competitive financial market.

Despite its growing presence, Access Bank Kenya reported an after-tax loss of $1.47 million (₦2.14 billion) in the first half of 2025, with operating income of ₦4.85 billion ($3.33 million) and expenses totaling ₦8 billion ($5.49 million). This contrasts sharply with its Nigerian operations, which posted ₦165.16 billion ($113.28 million) in profits during the same period.

In September 2025, Access began the integration of operations with NBK, allowing customers from both institutions to access services at over 100 combined branches across Kenya. However, Access noted that NBK’s financial results have not yet been consolidated into its group accounts.

“Consequently, the financial results of National Bank of Kenya have not been consolidated in these financial statements,” the lender stated in its Q2 report.

Commenting on the integration milestone, Ralph Opara, Country Director of Access Bank Kenya, said the merger aims to improve accessibility and efficiency for customers.

“By opening our networks to each other’s customers, we are ensuring that banking is simpler, faster, and more accessible,” Opara said.

The NBK acquisition underscores Access Holdings’ commitment to becoming a leading pan-African banking group, strengthening its presence in East Africa following previous expansions in South Africa, Mozambique, and Zambia.