Access Bank has announced the completion of the acquisition of the National Bank of Kenya (NBK) from KCB Group Plc, marking the conclusion of a transaction that began in March 2024.
On April 14, the Central Bank of Kenya (CBK) announced that Access Bank has received final regulatory approvals to acquire 100 percent of NBK from KCB Group Plc.
In a joint statement on Friday, Access Bank and KCB said the conclusion of the deal followed the receipt of all necessary regulatory approvals.
The statement added that the transaction reflects ongoing market developments to enhance the banking sector’s resilience.
“As a result, NBK, where KCB Group had 100% ownership, is now a wholly owned subsidiary of Access Bank Plc,” the statement reads.
“NBK and Access Bank Kenya will continue to operate independently, pending the completion of all integration processes.
“The acquisition is a pivotal step in Access Bank’s expansion strategy in East Africa. The combined entity will significantly enhance Access Bank’s presence in Kenya, strengthening the bank’s presence in the region.
“This move will allow Access Bank to offer an even more robust suite of banking services, catering to the evolving needs of individuals and businesses across Kenya.”
Commenting on the transaction’s completion, Roosevelt Ogbonna, managing director and chief executive officer (CEO) of Access Bank, said the acquisition represents a significant step toward unlocking the 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,” Ogbonna said.
“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.”
Also speaking on the acquisition, Paul Russo, the CEO of KCB Group, said the transaction aligns with the group’s strategy for unlocking new value for stakeholders.
He said the transaction’s completion 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,” he added.
Russo said KCB Group will work closely with Access Bank to ensure a smooth handover, operational transition, and collaborate on customary transaction closure processes.
This, the CEO said, includes finalising the transfer of systems and governance functions in line with regulatory guidelines and service level commitments.
“KCB Group will also continue to engage relevant stakeholders to ensure compliance and preserve customer confidence throughout the post-transaction integration period,” he added.
On his part, George Odhiambo, the managing director of NBK, said the acquisition would allow the bank to expand its reach and serve its customers more effectively.
“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,” Odhiambo said.
“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.”
The statement said with the legal transaction now completed, both institutions will begin the transition process to ensure a seamless integration.
The companies said customers will still be able to use their current banking channels, whether with NBK or Access Bank Kenya, during this period.