NAIROBI, Kenya – In a significant move to bolster its presence in East Africa, Nigeria’s Access Bank Plc has completed the acquisition of the National Bank of Kenya (NBK) from KCB Group Plc.
The transaction, which commenced in March 2024, received all necessary regulatory approvals from authorities in both Kenya and Nigeria, culminating in NBK becoming a wholly owned subsidiary of Access Bank.
Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, hailed the acquisition as a strategic milestone.
“Kenya stands at the heart of regional commerce, and with NBK now part of the Access Bank family, we are better positioned to leverage our combined strengths to deliver high-impact banking solutions to individuals, businesses, and government institutions alike,” Ogbonna stated.
The integration of NBK is expected to enhance Access Bank’s capabilities across retail, corporate, and digital banking sectors in Kenya. While the merger process is underway, both NBK and Access Bank Kenya will continue to operate independently to ensure a seamless transition for customers.
KCB Group CEO Paul Russo expressed confidence in the transaction’s positive impact.
“The completion of this transaction marks a significant milestone for KCB Group in our efforts to create and deliver value for our shareholders. We are confident the sale will unlock new opportunities for all the stakeholders,” Russo remarked.
This acquisition aligns with Access Bank’s broader strategy to expand its footprint across the African continent.
The bank has been actively pursuing growth opportunities, having previously acquired Transnational Bank Kenya in 2020.
