Access Bank completes acquisition of National Bank of Kenya

Access Bank Plc and KCB Group have completed the sale of National Bank of Kenya Limited (NBK) to Access Bank.

This marked the conclusion of a transaction that began in March 2024.

As a result, NBK, where KCB Group had 100% ownership, is now a wholly owned subsidiary of Access Bank Plc.

The bank, in a statement on Friday, May 30, 2025, said NBK and Access Bank Kenya will continue to operate independently, pending the completion of all integration processes.

The bank described the acquisition as a pivotal step in Access Bank’s expansion strategy in East Africa, saying the move will allow the bank to offer an even more robust suite of banking services, catering to the evolving needs of individuals and businesses across Kenya.

Commenting on the completion of the transaction, the Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, 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, are better positioned to leverage our combined strengths to deliver high-impact banking solutions to individuals, businesses, and government institutions alike.

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“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, fuel 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.”

On his part, 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 the stakeholders. KCB Group will work closely with Access Bank to ensure a smooth handover, operational transition and collaborate on customary transaction closure processes. This includes finalising the transfer of systems and governance functions in line with regulatory guidelines and service level commitments.

“KCB Group will also continue to engage relevant stakeholders to ensure compliance and preserve customer confidence throughout the post-transaction integration period.”

The Managing Director of NBK, George Odhiambo, added: “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. Access Bank’s expertise across corporate, retail, and digital banking – combined with a strong public sector focus – will allow us to serve customers more comprehensively and extend our reach.”

The Star