Access Bank Completes Full Acquisition of National Bank of Kenya
- Access Bank Plc has fully acquired National Bank of Kenya (NBK) from KCB Group PLC, marking a key step in Access Bank's East African expansion
- Both banks will continue operating independently until the merger process is complete, with a focus on aligning operations and unifying product offerings
- The acquisition aims to strengthen Access Bank’s presence in Kenya and enhance banking services for individuals, businesses, and government institutions
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National Bank of Kenya Limited (NBK) has been fully acquired by Access Bank Plc from KCB Group PLC (KCB Group).
The bank said in a statement on Friday that the development signifies the conclusion of a transaction that began in March 2024 and that all regulatory approvals typically required for such a transaction have been obtained.
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As a result, Access Bank Plc now owns all of NBK, which was formerly controlled by the KCB Group. Until all merger procedures are completed, NBK and Access Bank Kenya will continue to operate independently.
According to the bank, the acquisition marks a crucial phase in Access Bank's East African expansion plan.
“The combined entity will significantly enhance Access Bank’s presence in Kenya, strengthening the bank’s position in the region.
Access Bank will be able to provide an even more comprehensive range of banking services to meet the changing demands of both individuals and companies throughout 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, we are better positioned to leverage our combined strength 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.”
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George Odhiambo, Managing Director of NBK, added,
“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.”
Source: UGC
Both institutions will immediately start the transition process to guarantee a smooth integration after the legal transaction is completed.
Customers will continue to use their current banking methods, whether with NBK or Access Bank Kenya, the bank said in the meantime.
“The immediate priority remains the alignment of operations, unification of teams, and harmonisation of product offerings as the banks move toward functioning as a single, consolidated entity,” the bank added in a statement.
Access Bank secures govt approval
Legit.ng reported that Access Bank (Kenya) Plc has secured permission to complete the acquisition of the National Bank of Kenya (NBK).
Kamau Thugge, Central Bank of Kenya (CBK) Governor, confirmed that CS John Mbadi has approved the transaction in a gazette notice dated April 11, 2025.
The CBK approval now allows Access Bank to take over 100% of NBK’s shareholding, previously held by Kenya Commercial Bank (KCB) Group.
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Source: Legit.ng
