Access Bank PLC has officially completed its acquisition of National Bank of Kenya Limited (NBK) from KCB Group plc, expanding its presence in East Africa.
With the acquisition, NBK, formerly a wholly owned subsidiary of KCB group, a registered non-operating holding company that oversees KCB Bank Kenya, is now fully owned by Access Bank. However, NBK and Access Bank Kenya will continue to operate independently in the short term while integration processes are finalized.
Speaking on the acquisition of NBK,
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Roosevelt Ogbonna, Managing Director/Chief Executive Officer 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, are better positioned to leverage our combined strengths to deliver high-impact banking solutions to individuals, businesses, and government institutions alike.
“NBK’s heritage and local expertise, combined with our pan-African network and innovation-led approach, will enable us to serve as a stronger catalyst for economic growth. Our ambition is clear: to be the bridge that connects African businesses to global markets, fuel intra-African trade, and drive inclusive prosperity. We are excited about what lies ahead as we lay the groundwork for a unified and more resilient banking presence in Kenya that empowers our customers and partners to thrive.”
KCB Group CEO Paul Russo said that the completion of this transaction marks a significant milestone for KCB Group in the bank’s efforts to create and deliver value for its shareholders. He further expressed confidence that the sale will unlock new opportunities for all the stakeholders.
“KCB Group will also continue to engage relevant stakeholders to ensure compliance and preserve customer confidence throughout the post-transaction integration period,” he added.
George Odhiambo, Managing Director of NBK, added, “NBK has a proud legacy of serving the public sector in Kenya, and this integration with Access Bank offers an exciting opportunity to build on that foundation. Access Bank’s expertise across corporate, retail, and digital banking combined with a strong public sector focus, will allow us to serve customers more comprehensively and extend our reach.”
With the legal aspects of the transaction completed, both banks are now focused on transitioning operations, aligning teams, and harmonizing product offerings. During this period, customers will continue to access services through their existing banking channels.
Access Bank, a leading Nigerian multinational commercial bank, has established a significant presence in East Africa as part of its pan-African expansion strategy. The bank has a strong and growing presence in the East African region, with operational subsidiaries in Kenya, Tanzania, Rwanda, and Uganda.
Through strategic acquisitions like Transnational Bank, Sidian Bank, and National Bank of Kenya; BancABC Tanzania; Bancor SA in Rwanda; and Finance Trust Bank in Uganda, the bank is positioning itself as a key player in the region’s banking sector. Its operations in the region focuses on enhancing financial inclusion, supporting intra-African trade, and providing innovative banking solutions.
Access Bank’s entry into East African markets, particularly through high-profile acquisitions like The National Bank of Kenya, is expected to increase competition, leading to better services and products for customers.
Notably, its focus on digital innovation, financial inclusion, and intra-African trade aligns with its vision to be a leading African bank, with Kenya serving as a regional hub for its East African operations.