Access Bank Plc has officially concluded its acquisition of National Bank of Kenya Limited (NBK) from KCB Group Plc, marking a significant milestone in its East African expansion strategy.
In a statement released on Friday, Access Bank confirmed that the transaction—first announced in March 2024—has now received all necessary regulatory approvals. As a result, NBK, previously a wholly owned subsidiary of KCB Group, is now fully owned by Access Bank Plc.
While NBK and Access Bank Kenya will continue to operate as separate entities in the interim, integration efforts are set to begin immediately, paving the way for a unified banking presence in Kenya.
According to the bank, the acquisition positions Access Bank to expand its footprint across East Africa and deliver a more comprehensive suite of services to individuals, businesses, and public institutions throughout the region.
Strategic Growth Across East Africa
Commenting on the transaction, Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, described the acquisition as a pivotal step toward unlocking the potential of East Africa’s financial landscape.
“Kenya is a central hub for regional trade and economic activity,” Ogbonna said. “With NBK now part of the Access Bank family, we are poised to provide enhanced, innovation-led banking services across the market. This deal aligns with our vision to be a connector of African businesses to global opportunities, boost intra-African trade, and promote inclusive economic prosperity.”
He emphasized that the combination of NBK’s local heritage with Access Bank’s pan-African network and digital banking expertise will allow for deeper market penetration and improved customer experiences.
Smooth Transition Ahead
KCB Group CEO Paul Russo acknowledged the strategic nature of the divestment, stating, “This transaction is a key step in delivering shareholder value. We are committed to ensuring a seamless transition, including the alignment of systems, governance structures, and customer service standards.”
Russo affirmed that KCB Group will continue to work with Access Bank through the handover process and maintain engagement with regulators and stakeholders to ensure compliance and continuity.
NBK Managing Director George Odhiambo also welcomed the acquisition, highlighting the opportunity to leverage Access Bank’s corporate, retail, and digital banking strengths.
“NBK has a proud legacy of serving Kenya’s public sector,” he said. “With Access Bank’s support, we are positioned to deepen that legacy and broaden our customer reach across the country.”
Next Steps
With the legal aspects of the transaction now completed, the immediate focus will be on harmonising operations, aligning internal teams, and consolidating product offerings across both banks.
During the transition period, customers of both NBK and Access Bank Kenya will continue to access services through their existing channels, as efforts to create a fully integrated and unified institution advance.
Access Bank reaffirmed its commitment to ensuring a seamless experience for all stakeholders throughout the integration process.
