Access Bank completes acquisition of National Bank of Kenya from KCB Group

By Gloria Methri

Access Bank Plc has finalised its acquisition of National Bank of Kenya Limited (NBK) from KCB Group Plc, following the receipt of all necessary regulatory approvals. The transaction, initiated in March 2024, marks a significant development in Access Bank’s regional expansion strategy.

With the deal now concluded, NBK becomes a wholly owned subsidiary of Access Bank Plc. Both NBK and Access Bank Kenya will continue operating as separate entities in the short term, with integration expected to proceed over the coming months.

The acquisition is intended to strengthen Access Bank’s presence in Kenya, a key market within its broader East African growth strategy. The transaction is also expected to expand the bank’s service capabilities across retail, corporate, and digital segments, while deepening its regional footprint.

Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, stated, “Kenya is central to commercial activity in East Africa. With NBK now part of the Access Bank Group, we are well-positioned to leverage complementary strengths and enhance banking solutions for a broader customer base, including individuals, businesses, and government entities.”

He added that NBK’s longstanding local expertise, when combined with Access Bank’s pan-African network and technology infrastructure, would serve to support regional economic activity and promote intra-African trade.

Paul Russo, CEO of KCB Group Plc, described the completed transaction as a milestone for the group: “This marks an important step in unlocking value for our shareholders. We remain committed to supporting a smooth transition and will work closely with Access Bank on governance, systems migration, and regulatory compliance throughout the post-acquisition phase.”

George Odhiambo, Managing Director of NBK, noted that the integration presents an opportunity to broaden service offerings, “NBK’s legacy in the public sector will be complemented by Access Bank’s strengths across corporate and digital banking. We see this as an opportunity to extend our reach and improve customer outcomes.”

While legal formalities are now complete, both banks confirmed that operational integration will be phased. During the transition, customers will continue accessing services through their respective channels. Alignment of systems, teams, and product portfolios will form the next stage of the process as Access Bank moves toward full integration of its Kenyan operations.