NAIROBI, Kenya, June 2— Access Bank has acquired the National Bank of Kenya (NBK) from KCB Group, concluding a transaction that began in March 2024.
The deal received all necessary regulatory approvals, transferring full ownership of NBK, previously a wholly owned subsidiary of KCB Group, to Access Bank.
As part of the transition, NBK and Access Bank Kenya will continue to operate independently while integration processes are completed.
“The completion of this transaction marks a significant milestone for KCB Group in our efforts to create and deliver value for our shareholders,” said Paul Russo, CEO of KCB Group.
“We are confident the sale will unlock new opportunities for all the stakeholders. KCB Group will work closely with Access Bank to ensure a smooth handover, operational transition and collaborate on customary transaction closure processes. This includes finalizing the transfer of systems and governance functions in line with regulatory guidelines and service level commitments.”
On his part, Access Bank CEO Roosevelt Ogbonna asserted that the move is a strategic step in its regional expansion.
“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.”
With NBK under its wing, the Nigerian lender aims to strengthen its presence in East Africa, particularly in Kenya.
George Odhiambo, Managing Director of NBK, said the acquisition builds on the bank’s legacy in the public sector.
“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.”
