KCB Group PLC and Access Bank PLC (Access Bank) have completed the sale of National Bank of Kenya Limited (NBK) to Access Bank Plc, marking the conclusion of a transaction that began in March 2024. 

In a statement on 30 May, KCB Group said the completion follows the receipt of all regulatory approvals customary for a transaction of this nature. 

As a result, NBK, where KCB Group had 100 per cent ownership, is now a wholly owned subsidiary of Access Bank Plc. 

However, NBK and Access Bank Kenya will continue to operate independently, pending the completion of all integration processes. 

KCB Group CEO Paul Russo said the completion of the transaction marks a significant milestone for KCB Group in its efforts to create and deliver value for its shareholders. 

“We are confident the sale will unlock new opportunities for all the stakeholders. KCB Group will work closely with Access Bank to ensure a smooth handover, operational transition and collaborate on customary transaction closure processes. This includes finalising the transfer of systems and governance functions in line with regulatory guidelines and service level commitments,” Russo said. 

“KCB Group will also continue to engage relevant stakeholders to ensure compliance and preserve customer confidence throughout the post-transaction integration period.” 

What the Deal Means

The acquisition is a pivotal step in Access Bank’s expansion strategy in East Africa. 

The combined entity will significantly enhance Access Bank’s presence in Kenya, strengthening the Bank’s presence in the region. 

This move will allow Access Bank to offer an even more robust suite of banking services, catering to the evolving needs of individuals and businesses across Kenya.

Also Read: National Bank Reduces Interest Rates for New and Existing Loans

Access Bank Plans in Kenya

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said finalising the acquisition marks a significant step in the Bank’s 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, are better positioned to leverage our combined 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,” Ogbonna said. 

The transaction reflects ongoing market developments to enhance the banking sector’s resilience. 

KCB Group said both institutions will begin the transition process to ensure a seamless integration since the legal transactions are now completed. 

In the meantime, customers will continue to access services through their existing banking channels, whether with NBK or Access Bank Kenya.

Also Read: Govt Approves Sale of National Bank of Kenya to Nigerian Bank

Next Steps After Acquisition of National Bank

According to a joint press release, 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 focused on delivering 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,” Roosevelt Ogbonna added. 

The transaction reflects ongoing market developments to enhance the banking sector’s resilience. 

NBK Managing Director George Odhiambo said the Bank has a proud legacy of serving the public sector in Kenya and the 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,” Odhiambo said.

Follow our WhatsApp Channel and X Account for real-time news updates.