Access Bank Plc has completed the acquisition of National Bank of Kenya Limited (NBK), wrapping up a deal that began in March 2024 with KCB Group Plc.
Following approvals from all necessary regulatory bodies, NBK is now a wholly owned subsidiary of Access Bank Plc, marking a major milestone in the bank’s ambitious expansion strategy across East Africa.
While both NBK and Access Bank Kenya will continue to operate as separate entities during the integration phase, the acquisition is expected to deepen Access Bank’s regional presence. It positions the bank to deliver enhanced banking services to a growing client base of individuals, businesses, and government institutions across Kenya.
“This acquisition is a major leap forward in our vision to unlock the immense potential of East Africa’s financial markets,” said Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc. “Kenya is a hub for regional commerce, and integrating NBK’s local knowledge with our pan-African expertise means we can now offer innovative, impactful banking solutions that support economic growth and empower customers.”
Ogbonna also highlighted the strategic importance of the deal: “Our ambition is to become the bridge connecting African businesses to global opportunities, fostering intra-African trade, and driving sustainable prosperity. With NBK now part of the Access Bank family, we’re poised to build a more unified, resilient banking network that empowers both our customers and our partners to succeed.”
KCB Group CEO Paul Russo underscored the significance of the transaction for all stakeholders. “This is a landmark moment for KCB Group as we focus on unlocking shareholder value and fostering sustainable growth. We are committed to collaborating with Access Bank to ensure a smooth transition that aligns with regulatory requirements and maintains the confidence of all stakeholders,” Russo said.
He added that KCB Group would work closely with Access Bank to finalise operational transitions, governance structures, and system integrations to ensure a seamless handover.
NBK’s Managing Director, George Odhiambo, welcomed the acquisition as an opportunity to build on NBK’s long-standing service to Kenya’s public sector. “Joining forces with Access Bank allows us to leverage their corporate, retail, and digital banking strengths while continuing our mission to serve the public sector. This partnership will help us deliver even greater value to our customers,” Odhiambo noted.
With the legal formalities now completed, both banks are preparing for the integration phase, focusing on aligning operations, unifying teams, and harmonising product offerings. For now, customers will continue to access services through their existing banking platforms, whether with NBK or Access Bank Kenya.
Access Bank’s acquisition of NBK is part of a broader trend aimed at bolstering the resilience of Kenya’s banking sector and unlocking new opportunities in the East African financial landscape.
