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KCB Group, Kenya’s largest bank by assets, has retained a portion of National Bank of Kenya’s (NBK) loan book, deposits, and select customers despite the recent sale of NBK to Nigeria’s Access Bank.
The $100 million transaction, finalized on May 30, transferred ownership of NBK to Access Bank. However, KCB confirmed that some clients with dual relationships across both banks have remained under its management, leaving the Kenyan lender with a slice of NBK’s assets and liabilities.
“Whenever you run a transaction, there are interests on both sides,” said Paul Russo, KCB Group CEO, in an interview with Business Daily. “A customer in KCB might also have had an account at NBK. If a loan is secured with deposits or collateral that sit on our books, that client is better off engaging with us than moving to Access.”
While the value of the retained assets and liabilities has not been disclosed, KCB noted that exposures are matched with corresponding assets to ensure loan security. Russo added that KCB opted to retain NBK’s strongest and best-performing clients, having managed the bank since its 2019 takeover.
The divestment has freed up additional capital for KCB, enabling its board to propose an interim and special dividend of $0.031 (KES 4) per share. The payout, slated for November 11, will be issued to shareholders on record as of September 3.
NBK, which posted assets worth $1.1 billion (KES 149.5 billion) and deposits of $808.4 million (KES 104.3 billion) as of March 2025, is now central to Access Bank’s East Africa expansion strategy. The Nigerian lender expects the acquisition to boost its footprint in Kenya and enhance its retail and corporate offerings.
“Kenya stands at the heart of regional commerce, and with NBK now part of the Access family, we are better positioned to deliver high-impact banking solutions,” said Roosevelt Ogbonna, Managing Director of Access Bank.
Access Bank, which previously operated 22 branches in Kenya, will now inherit NBK’s 85-branch network. However, the Nigerian lender is expected to inject fresh capital into NBK to meet regulatory requirements and support its turnaround efforts after years of underperformance.
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