KCB Group has completed the sale of National Bank of Kenya Limited (NBK) to Access Bank of Nigeria, marking the conclusion of a transaction that began in March 2024, following receipt of all regulatory approvals for a transaction.
As a result, NBK, which was fully owned by KCB Group, is now a wholly owned subsidiary of Access Bank Plc. NBK and Access Bank Kenya will continue to operate independently, pending the completion of all integration processes.
“The completion of this transaction marks a significant milestone for KCB Group in our efforts to create and deliver value for our shareholders,” said KCB Group CEO, Mr Paul Russo. “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, he added.
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The acquisition is a pivotal step in Access Bank’s expansion strategy in East Africa. The combined entity will significantly enhance Access Bank’s presence in Kenya, strengthening the bank’s presence in the region. This move will allow Access Bank to offer an expanded suite of banking services, catering to the evolving needs of individuals and businesses across Kenya.
Commenting on the completion of the transaction, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, 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.
He added: “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. 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.”
The transaction reflects ongoing market developments to enhance the banking sector’s resilience. George Odhiambo, Managing Director of NBK, added that National Bank has a 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 NBK to serve customers more comprehensively and extend its reach.
In the interim, customers will continue to access services through their existing banking channels – whether with NBK or Access Bank Kenya. The immediate priority remains the alignment of operations, unification of teams, and harmonisation of product offerings as the banks move toward functioning as a single, consolidated entity.
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