GlobalData
2 min read
Access Bank and KCB Group have finalised the sale of National Bank of Kenya (NBK) to Access Bank, after securing all necessary regulatory clearances.
The agreement for the acquisition, signed in March 2024, involved Access Bank acquiring 100% of the shareholding in NBK from KCB.
With this transaction, NBK is now a fully owned subsidiary of Access Bank.
Both NBK and Access Bank Kenya will retain operational independence while the integration processes are underway.
Access Bank said that this deal is part of its strategy to expand in East Africa.
The acquisition is said to “significantly enhance” the bank’s footprint in Kenya, while enabling it to provide a broader range of banking services for individuals and businesses.
KCB Group CEO Paul Russ said: “The completion of this transaction marks a significant milestone for KCB Group in our efforts to create and deliver value for our shareholders.”
With the legal aspects of the deal now over, the banks will initiate the transition process to facilitate a smooth integration.
In the meantime, customers will gain access to services through their current banking channels, with NBK or Access Bank Kenya.
The immediate focus will be on aligning operations, unifying teams, and harmonising product offerings as the banks work towards functioning as a single entity.
Access Bank managing director and CEO 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.”
"Access Bank concludes acquisition of National Bank of Kenya" was originally created and published by Retail Banker International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
