Access Bank Plc and KCB Group Plc have officially announced the completion of the sale of National Bank of Kenya Limited to Access Bank Plc, marking the conclusion of a transaction initiated in March 2024.
The acquisition, according to Access Bank’s statement on Friday, followed the receipt of all necessary regulatory approvals, solidifying the bank’s strategic expansion in the East African financial market.
With the finalisation of the deal, NBK, previously 100% owned by KCB Group, is now a wholly-owned subsidiary of Access Bank Plc. While the legal transaction is complete, NBK and Access Bank Kenya will continue to operate independently for an interim period as both institutions embark on a comprehensive integration process.
Commenting on the successful completion, the Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, expressed enthusiasm for the future.
He said, “Finalising this acquisition marks a significant step in our 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, we are better positioned to leverage our combined strengths to deliver 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.” He reiterated Access Bank’s ambition “to be the bridge that connects African businesses to global markets, fuel intra-African trade, and drive inclusive prosperity.”
The Chief Executive Officer, KCB Group, Paul Russo, noted that the transaction signifies a key milestone in creating and delivering value for their shareholders.
He assured that KCB Group would collaborate closely with Access Bank to ensure a smooth handover and operational transition, including the finalisation of system transfers and governance functions in line with regulatory guidelines.
Similarly, the Managing Director of NBK, George Odhiambo, also welcomed the integration, emphasising NBK’s legacy in serving Kenya’s public sector.
He stated that Access Bank’s expertise across corporate, retail, and digital banking, coupled with its strong public sector focus, will allow NBK to serve customers more comprehensively and expand its reach.
During this transition, the bank said customers will continue to access services through their existing banking channels with either NBK or Access Bank Kenya.
