Access Bank Completes Acquisition of National Bank of Kenya from KCB Group
Access Bank PLC has officially completed its acquisition of National Bank of Kenya (NBK) from KCB Group PLC, in a landmark transaction that strengthens Access Bank’s strategic foothold in East Africa.
The deal, initiated in March 2024 and finalized after securing all required regulatory approvals, positions Access Bank to accelerate its growth and expand its service delivery in Kenya.
KCB Group, which previously held 100% ownership of NBK, transferred full ownership to Access Bank, making NBK a wholly owned subsidiary of the pan-African banking giant. Both NBK and Access Bank Kenya will continue to operate independently during the integration phase.
“This marks a significant milestone for KCB Group as we focus on delivering long-term value to our shareholders,” said Paul Russo, CEO of KCB Group. “We are committed to ensuring a smooth transition and will work closely with Access Bank during the post-transaction period.”
Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, noted that the acquisition represents a bold step in harnessing East Africa’s economic potential. “Kenya’s strategic position makes it a vital part of our expansion. With NBK’s legacy and our innovative approach, we are set to offer dynamic banking solutions that spur regional growth,” he said.
George Odhiambo, NBK’s Managing Director, welcomed the move, citing enhanced capabilities and broader market reach as key benefits. “Access Bank’s experience in digital and corporate banking complements NBK’s strong public sector foundation,” he added.
With the legal process complete, the focus now shifts to operational alignment, team integration, and product harmonization. For now, customers will continue using their current banking platforms with either NBK or Access Bank Kenya.
