Access Bank Completes Acquisition of NBK from KCB Group

Access Bank Plc has officially finalized the acquisition of National Bank of Kenya Limited (NBK) from KCB Group Plc, concluding a strategic transaction process that began in March 2024. Following the completion and receipt of all required regulatory approvals, NBK now operates as a wholly owned subsidiary of Access Bank Plc.

This acquisition marks a pivotal moment in Access Bank’s ongoing strategy to deepen its presence in East Africa. With this move, the bank significantly enhances its footprint and service capacity in the Kenyan financial market, a region widely considered the economic gateway to the East African Community.

Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, hailed the development as a major achievement in the bank’s growth journey.

“Finalising this acquisition is a transformative milestone. Kenya lies at the core of East Africa’s trade and economic activities. With NBK now a part of the Access Bank family, we are well-positioned to deploy innovative, high-impact banking solutions to individuals, businesses, and government institutions,” he said.

Ogbonna emphasized that the integration of NBK’s established local experience with Access Bank’s extensive pan-African network and tech-driven approach will create a more powerful financial institution. “Our ambition is to be a bridge connecting African enterprises to global markets, accelerating intra-African trade and promoting inclusive growth across the region,” he added.

Until full operational integration is achieved, NBK will continue to operate independently alongside Access Bank Kenya, ensuring service continuity for existing customers. The transition process will include the alignment of systems, governance structures, and product portfolios.

George Odhiambo, Managing Director of NBK, described the acquisition as a strategic opportunity for expansion. “NBK has a proud legacy of supporting the Kenyan public sector.

Joining forces with Access Bank allows us to build on this legacy while leveraging their expertise in retail, digital, and corporate banking. This partnership strengthens our ability to serve customers across more sectors and geographies,” Odhiambo noted.

On the part of KCB Group, CEO Paul Russo said the transaction reflects the group’s commitment to delivering long-term value. “The completion of this deal marks a crucial milestone in KCB Group’s strategic focus on shareholder value creation. We are confident that this acquisition will unlock new opportunities for all stakeholders, including customers and staff,” Russo stated.

He also assured that KCB will actively support a seamless transition, working closely with Access Bank to ensure compliance with all regulatory obligations and to maintain trust among customers and partners during the integration phase.

“With a clear roadmap for system handover and structural transition, we are committed to a smooth and efficient process,” Russo affirmed. “Our priority is to preserve stability, strengthen governance, and support the success of NBK under Access Bank’s stewardship.”

Looking ahead, both institutions will concentrate on operational integration, harmonising service channels, and blending corporate cultures. During this period, customers will continue to access banking services through their current NBK and Access Bank Kenya platforms without disruption.

The completion of this transaction underscores Access Bank’s broader objective to become Africa’s most respected bank by scaling its operations, promoting financial inclusion, and strengthening regional trade networks.