KCB Group PLC and Access Bank PLC have completed the sale of National Bank of Kenya Limited to Access Bank. The transaction, which began in March 2024, was finalised after securing all required regulatory approvals, according to a joint statement released on Friday.
With the acquisition now complete, Access Bank fully owns NBK, previously controlled by KCB Group. NBK and Access Bank Kenya will continue to operate independently until the full merger process is concluded.
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.”
NBK’s acquisition boost Access Bank’s expansion in East Africa
An important milestone in Access Bank’s East African expansion strategy has been reached with this acquisition.
The merger will boost Access Bank’s position in the region by greatly expanding its presence in Kenya.
Access Bank will be able to provide an even more comprehensive range of financial services as a result of this change, meeting the changing demands of both individuals and companies throughout 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, 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. Our ambition is clear: to bridge the gap between 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.”
Transition process
Both institutions will start the transition process to guarantee a smooth merger now that the formal transaction is complete.
Customers will continue to use their current banking channels, whether they are with NBK or Access Bank Kenya, to access services in the interim.
As the banks work towards becoming a single, unified organisation, the alignment of operations, staff unification, and product offerings continue to be the top priorities.
George Odhiambo, Managing Director of NBK, 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 deal reflects current market trends to strengthen the resilience of the banking industry.