Access Bank Plc finalises acquisition of Kenyan bank, boosts expansion in east Africa

• Access Bank Plc has afloat acquired National Bank of Kenya (NBK) from KCB Group PLC, marking a cardinal measurement successful Access Bank's East African expansion
• Both banks volition proceed operating independently until the merger process is complete, with a absorption connected aligning operations and unifying merchandise offerings
• The acquisition aims to fortify Access Bank’s beingness successful Kenya and heighten banking services for individuals, businesses, and authorities institutions

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

National Bank of Kenya Limited (NBK) has been afloat acquired by Access Bank Plc from KCB Group PLC (KCB Group).

The slope said successful a connection connected Friday that the improvement signifies the decision of a transaction that began successful March 2024 and that each regulatory approvals typically required for specified a transaction person been obtained.

Access Bank's acquisition marks a important signifier successful Access Bank's East African enlargement plan. Photo Credit: Access Bank
Source: Getty Images

As a result, Access Bank Plc present owns each of NBK, which was formerly controlled by the KCB Group. Until each merger procedures are completed, NBK and Access Bank Kenya volition proceed to run independently.

According to the bank, the acquisition marks a important signifier successful Access Bank's East African enlargement plan.

“The combined entity volition importantly heighten Access Bank’s beingness successful Kenya, strengthening the bank’s presumption successful the region.

Access Bank volition beryllium capable to supply an adjacent much broad scope of banking services to conscionable the changing demands of some individuals and companies passim Kenya."

Commenting connected the completion of the transaction, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said:

“Finalising this acquisition marks a important measurement successful our thrust towards unlocking the immense imaginable of East Africa’s fiscal landscape. Kenya stands astatine the bosom of determination commerce, and with NBK present portion of the Access Bank family, we are amended positioned to leverage our combined spot to present high-impact banking solutions to individuals, businesses, and authorities institutions alike.“NBK’s practice and section expertise, combined with our pan-African web and innovation-led approach, volition alteration america to service arsenic a stronger catalyst for economical growth. Our ambition is clear: to beryllium the span that connects African businesses to planetary markets, substance intra-African trade, and thrust inclusive prosperity. "We are excited astir what lies up arsenic we laic the groundwork for a unified and much resilient banking beingness successful Kenya that empowers our customers and partners to thrive.“The transaction reflects ongoing marketplace developments to heighten the banking sector’s resilience.”

More astir the sales

George Odhiambo, Managing Director of NBK, added,

“NBK has a arrogant bequest of serving the nationalist assemblage successful Kenya, and this integration with Access Bank offers an breathtaking accidental to physique connected that foundation. Access Bank’s expertise crossed corporate, retail, and integer banking – combined with a beardown nationalist assemblage absorption – volition let america to service customers much comprehensively and widen our reach.”

Customers volition proceed to usage their existent banking methods, whether with NBK oregon Access Bank Kenya. Photo Credit: Access Bank
Source: UGC

Both institutions volition instantly commencement the modulation process to warrant a creaseless integration aft the ineligible transaction is completed.

Customers volition proceed to usage their existent banking methods, whether with NBK oregon Access Bank Kenya, the slope said successful the meantime.

“The contiguous precedence remains the alignment of operations, unification of teams, and harmonisation of merchandise offerings arsenic the banks determination toward functioning arsenic a single, consolidated entity,” the slope added successful a statement.

Access Bank secures govt support

Legit.ng reported that Access Bank (Kenya) Plc has secured permission to implicit 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 successful a gazette announcement dated April 11, 2025.

The CBK support present allows Access Bank to instrumentality implicit 100% of NBK’s shareholding, antecedently held by Kenya Commercial Bank (KCB) Group.

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Source: Legit.ng