Access Bank, KCB Group complete National Bank of Kenya transaction
L-R: Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank PLC and Lawrence Kimathi, Director of Finance, KCB Group, during the signing ceremony to mark the completion of the sale of National Bank of Kenya to Access Bank PLC in Nairobi on Friday.
KCB Group PLC (KCB Group) and Access Bank PLC (Access Bank) have completed the sale of National Bank of Kenya Limited (NBK) to Access Bank Plc, marking the conclusion of a transaction that began in March 2024. This follows the receipt of all regulatory approvals customary for a transaction of this nature.
A statement by Access Bank Plc, KCB Group complete National Bank of Kenya transaction on Friday said as a result, NBK, where KCB Group had 100% ownership, is now a wholly owned subsidiary of Access Bank Plc. 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 completion of the transaction, 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.”
The transaction reflects ongoing market developments to enhance the banking sector’s resilience.
KCB Group CEO Paul Russo said, “The completion of this transaction 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. KCB Group will work closely with Access Bank to ensure a smooth handover, operational transition and collaborate on customary transaction closure
