Access Bank Plc and KCB Group Plc have concluded the sale of National Bank of Kenya Limited (NBK), bringing to a close a transaction process that commenced in March 2024.
With all required regulatory approvals secured, NBK is now a wholly owned subsidiary of Access Bank Plc.
Previously under full ownership of KCB Group, NBK will continue to operate as a separate entity alongside Access Bank Kenya until full integration is completed. The acquisition marks a step in Access Bank’s strategic expansion into East Africa and is expected to considerably boost the bank’s footprint and capabilities in Kenya.
Managing director and chief executive officerCEO) of Access Bank Plc, Roosevelt Ogbonna, while describing the acquisition as a transformative milestone, 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, we are better positioned to leverage our combined strengths to deliver high-impact banking solutions to individuals, businesses, and government institutions alike.”
He noted that NBK’s local legacy and expertise, combined with Access Bank’s pan-African reach and innovation-driven strategy, would allow the bank to become a stronger force for economic development in the region.
“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,” he stated.
KCB Group CEO Paul Russo on his part said the transaction marks a major milestone in the group’s strategy to deliver long-term value for shareholders. “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 stakeholders,” Russo said.
He affirmed that KCB Group is committed to supporting a smooth transition and will collaborate with Access Bank to complete the transfer of systems, governance structures, and other post-transaction processes in line with regulatory requirements.
“We will also continue engaging relevant stakeholders to ensure regulatory compliance and maintain customer confidence throughout the integration phase,” he added.
Managing director of NBK, George Odhiambo, highlighted the strategic opportunity the deal presents. “NBK has a proud legacy of serving the public sector in Kenya, and this integration with Access Bank offers an exciting opportunity to build on that foundation. Access Bank’s expertise across corporate, retail, and digital banking – combined with a strong public sector focus – will allow us to serve customers more comprehensively and extend our reach,” he said.
With the legal handover complete, both institutions will now shift focus to operational alignment, team integration, and harmonisation of product offerings. During the transition period, customers will continue to access services through existing NBK and Access Bank Kenya channels.
