Access Bank Plc has officially completed the acquisition of National Bank of Kenya Limited (NBK) from KCB Group Plc, concluding a deal that began in March 2024.
The announcement was made on Friday following the receipt of all necessary regulatory approvals. This move strengthens Access Bank’s presence in East Africa and aligns with its broader expansion strategy across the continent.
With the acquisition, NBK—formerly fully owned by KCB Group—becomes a wholly owned subsidiary of Access Bank Plc. However, NBK and Access Bank Kenya will continue to operate separately for a transition period as integration efforts begin.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank, described the acquisition as a milestone in unlocking East Africa’s financial potential.
“Kenya is central to regional commerce,” he said. “Bringing NBK into our network enables us to offer more impactful banking solutions and foster inclusive growth.”
He highlighted that NBK’s local expertise combined with Access Bank’s pan-African footprint will help bridge African businesses to global markets and enhance intra-African trade.
KCB Group CEO, Paul Russo, called the sale a major step in delivering shareholder value. He confirmed that KCB will work closely with Access Bank to ensure a smooth operational transition, including system transfers and governance compliance.
George Odhiambo, MD of NBK, also welcomed the acquisition. He said Access Bank’s strengths in corporate, retail, and digital banking, along with its focus on public sector clients, will help NBK expand its services and reach.
During the transition, customers can continue using their current banking platforms, either with NBK or Access Bank Kenya.
