KCB Group and Access Bank Finalise NBK Acquisition
KCB Group and Access Bank Finalise NBK Acquisition
KCB Group PLC (KCB Group) and Access Bank PLC (Access Bank) have completed the sale of National Bank of Kenya Limited (NBK) to Access Bank Plc. This brings to a close a transaction that began in March 2024, following the receipt of all necessary regulatory approvals.
As a result, NBK—formerly 100% owned by KCB Group—is now a wholly owned subsidiary of Access Bank Plc. For now, NBK and Access Bank Kenya will continue to operate independently until integration processes are finalised.
KCB Group CEO Paul Russo said, “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.”
He added that KCB Group would work closely with Access Bank to ensure a smooth handover. This includes operational transition and finalising the transfer of systems and governance functions, all in line with regulatory requirements.
Furthermore, KCB Group will continue engaging stakeholders to maintain compliance and customer confidence during the post-transaction period.
KCB Group and Access Bank Finalise NBK Acquisition
Strategic Expansion and Customer-Centric Integration
This acquisition marks a major step in Access Bank’s East African expansion strategy. It significantly strengthens the bank’s footprint in Kenya, allowing it to offer a broader range of services tailored to the needs of individuals, businesses, and public institutions.
Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, commented: “Finalising this acquisition is a key step in unlocking the vast potential of East Africa’s financial landscape. With Kenya being central to regional commerce, NBK’s addition positions us to deliver impactful banking solutions.”
He highlighted that NBK’s local heritage, paired with Access Bank’s pan-African network and innovation-driven approach, will support economic growth. “We aim to be the bridge connecting African businesses to global markets, while also driving intra-African trade and inclusive prosperity,” Ogbonna said.
George Odhiambo, Managing Director of NBK, added, “NBK has a proud legacy of serving the public sector. This partnership with Access Bank creates an exciting opportunity to build on that foundation and serve customers more comprehensively.”
Now that the legal process is complete, both institutions will begin the transition to ensure seamless integration. In the meantime, customers will continue accessing services through their current banking channels. The immediate priority is aligning operations, unifying teams, and harmonising products as they work toward becoming a single, consolidated entity.
