By NIyi Jacobs
In a landmark move set to reshape banking in East Africa, Access Bank Plc has completed its acquisition of National Bank of Kenya (NBK) from KCB Group Plc, finalizing a transaction initiated in March 2024. The deal, which received all required regulatory approvals, makes NBK a wholly owned subsidiary of Nigeria’s Access Bank Plc.
The acquisition marks a significant milestone in Access Bank’s strategic expansion across East Africa. NBK and Access Bank Kenya will continue to operate independently for now, as integration processes get underway.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, hailed the transaction as a transformative step toward consolidating Access Bank’s position in East Africa.
“Finalising this acquisition marks a significant step in our drive to unlock East Africa’s financial potential,” Ogbonna said. “Kenya is central to regional trade, and with NBK now part of our network, we’re better equipped to deliver impactful banking solutions across sectors.”
Ogbonna emphasized that NBK’s legacy, combined with Access Bank’s innovation and pan-African strength, positions the group to fuel intra-African trade and connect businesses to global markets.
KCB Group, which had full ownership of NBK before the sale, described the divestment as a value-creating move for shareholders and stakeholders alike.
“The completion of this transaction is a major milestone for us,” said Paul Russo, CEO of KCB Group. “We will work closely with Access Bank to ensure a smooth transition and uphold customer confidence.”
George Odhiambo, Managing Director of NBK, expressed optimism about the integration, stating that Access Bank’s expertise in corporate, retail, and digital banking would enhance services for customers—particularly in the public sector, NBK’s traditional stronghold.
The acquisition is expected to boost Access Bank’s service delivery, customer base, and innovation pipeline in Kenya. The immediate focus is on aligning operations, merging teams, and harmonizing products, while customers will continue using their existing banking platforms.
This acquisition underscores the growing trend of cross-border banking consolidation in Africa and reflects Access Bank’s long-term vision to become a leading financial institution across the continent.
