Access Bank Plc has officially completed the acquisition of National Bank of Kenya (NBK) from KCB Group Plc, marking a major milestone in its East African expansion strategy. This development follows the receipt of all necessary regulatory approvals and concludes a transaction that was initiated in March 2024.
Under the terms of the agreement, NBK—previously a wholly owned subsidiary of KCB Group—will now operate as a subsidiary of Access Bank Plc. For the time being, NBK and Access Bank Kenya will continue to run independently as integration efforts proceed.
The acquisition is part of Access Bank’s broader goal to expand its footprint across key African markets, with Kenya identified as a strategic hub. The addition of NBK to its portfolio strengthens Access Bank’s market presence in East Africa and is expected to enhance its service offering for individuals, businesses, and public institutions.
“This acquisition marks a significant step in our mission to unlock East Africa’s financial potential,” said Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc. “With Kenya at the center of regional trade, the addition of NBK strengthens our ability to deliver innovative, high-impact banking solutions. We aim to connect African businesses to global markets and foster inclusive economic growth across the continent.”
Ogbonna emphasized that NBK’s legacy and deep local knowledge, paired with Access Bank’s regional reach and technology-driven approach, will create a stronger platform for both growth and customer service.
KCB Group CEO Paul Russo described the transaction as a key step in the Group’s strategic repositioning. “This marks a significant milestone in our journey to unlock long-term value for shareholders and stakeholders,” Russo said. “We are confident that Access Bank’s entry will create new growth opportunities while ensuring continuity and stability for customers. Our teams are working closely to ensure a smooth transition and compliance with all regulatory and service-level requirements.”
George Odhiambo, Managing Director of NBK, welcomed the development, noting the potential for increased capacity and innovation. “NBK has a proud history in Kenya’s financial landscape, particularly in serving the public sector. Joining forces with Access Bank enables us to build on that legacy while expanding into new segments with enhanced digital and corporate banking capabilities.”
With the legal transfer now finalized, both banks will begin an integration process focused on aligning operations, harmonizing products, and unifying teams. During this transition, customers of NBK and Access Bank Kenya will continue to access services through existing channels.
The acquisition also reflects broader regional trends aimed at creating more resilient, competitive banking institutions capable of supporting economic transformation.
