Access Bank has acquired 100% equity in the National Bank of Kenya (NBK) as it moves to expand its business across the East African region.
The transaction, which received full regulatory approvals, was finalised following the execution of a definitive agreement in March 2024.
With the deal now closed, NBK becomes a wholly owned subsidiary of Access Bank. Both NBK and Access Bank Kenya will continue to operate independently during the transition period as the integration process commences.
The acquisition is part of Access Bank’s broader strategy to expand its regional footprint and consolidate its position as one of Africa’s leading financial institutions. By adding NBK to its portfolio, Access Bank strengthens its market presence in Kenya, one of East Africa’s most strategic and competitive banking markets.
Commenting on the development, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, said: “Finalising this acquisition marks a significant step in our drive towards unlocking the vast potential of East Africa’s financial landscape. 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.”
Access Bank intends to align operations, unify teams, and harmonise product offerings between NBK and Access Bank Kenya over the coming months with the goal of delivering improved service delivery and expanded access to financial services.
The group said customers of both entities will continue to access banking services through their existing platforms until the integration is complete.
Paul Russo, CEO of KCB Group, described the sale as a strategic divestment aimed at creating long-term value.
“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 that NBK is well positioned to thrive under Access Bank’s leadership,” he said.
Access Bank’s entry into Kenya through the NBK acquisition is expected to significantly enhance its service delivery capacity and product depth in East Africa.
The bank has consistently pursued a deliberate expansion agenda across key African markets, following earlier acquisitions in Mozambique, South Africa, Botswana, Zambia and Congo DR.
The Nigerian lender continues to execute on its five-year strategic growth plan to become the world’s most respected African bank with strong emphasis on cross-border banking, retail penetration, and digital innovation.
Access Bank serves over 60 million customers across 22 countries and maintains a presence in major international financial centres, including London, Dubai and Paris.
The successful acquisition of NBK is expected to contribute to earnings growth, asset diversification, and enhanced shareholder value.
As regional integration deepens and trade corridors across East Africa expand, Access Bank’s presence in Kenya positions it to offer tailored financial solutions to support intra-African trade, infrastructure development and inclusive finance.
The integration process is expected to be concluded in phases with operational synergies and customer benefits to be realised progressively across both entities.
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