In a strategic step for the East African banking market, Access Bank Plc has formally completed its acquisition of National Bank of Kenya (NBK) from KCB Group, which commenced in March 2024.
Following the completion of the transaction, NBK is now a wholly owned subsidiary of Access Bank Plc, strengthening the Nigerian bank’s foothold in Kenya.
For the time being, NBK and Access Bank Kenya will function independently, pending the integration of operations and systems.
“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 the stakeholders,” said KCB Group CEO Paul Russo.
“KCB Group will work closely with Access Bank to ensure a smooth handover and operational transition and collaborate on customary transaction closure processes. This includes finalizing the transfer of systems and governance functions in line with regulatory guidelines and service level commitments,” added Russo.
“Finalizing this acquisition marks a significant step in our drive towards unlocking the vast potential of East Africa’s financial landscape,” stated Access Bank CEO and MD Roosevelt Ogbonna.
“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 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, fuels 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,” concluded Ogbonna.
“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,” said managing director of NBK George Odhiambo, expressing optimism about the integration.
He highlighted that Access Bank’s strengths in corporate, retail, and digital banking will allow the combined entity to serve customers more comprehensively and broaden its outreach.
This acquisition underscores a broader trend of consolidation and strategic partnerships aimed at enhancing resilience and innovation in Africa’s financial sector.
