Nigeria’s Access Bank completes acquisition of National Bank of Kenya
The deal, finalized following regulatory approval and due diligence, makes NBK a wholly-owned subsidiary of Access Bank, one of Africa’s largest financial services providers.
In a push to deepen East African operations and reshape regional banking dynamics, Nigeria’s Access Bank PLC has completed the acquisition of National Bank of Kenya Limited (NBK) from Kenya’s KCB Group PLC.
The deal, finalized following regulatory approval and due diligence, makes NBK a wholly-owned subsidiary of Access Bank, one of Africa’s largest financial services providers.
While the transaction transfers full ownership, both banks will continue to operate independently during the transition period to ensure uninterrupted service.
Access Bank’s Managing Director and CEO Roosevelt Ogbonna said the acquisition is a strategic step in unlocking East Africa’s financial potential.
"Kenya stands at the heart of regional commerce," Ogbonna said.
"With NBK now part of the Access Bank family, we are better positioned to deliver high-impact solutions to individuals, businesses, and government institutions alike.”
Ogbonna emphasized that Access Bank would leverage its pan-African network, digital innovation, and NBK’s local expertise to foster inclusive growth, facilitate intra-African trade, and build a stronger, customer-focused banking presence in Kenya.
The acquisition aligns with Access Bank’s long-term strategy to become a leading player across Africa’s financial ecosystem. The bank has been actively expanding its footprint across the continent, with recent entries into Angola, South Africa, and Mozambique.
KCB Group CEO Paul Russo said the divestment reflects a strategic milestone aimed at unlocking greater value for shareholders.
"We are confident the sale will unlock new opportunities for all stakeholders," Russo said.
"KCB Group will work closely with Access Bank to ensure a smooth operational handover and maintain regulatory compliance."
NBK’s Managing Director George Odhiambo described the deal as a new chapter in the bank’s legacy of serving Kenya’s public sector.
"This integration with Access Bank offers an exciting opportunity to build on our foundation," Odhiambo stated.
"Access Bank’s strength in corporate, retail, and digital banking—along with its public sector focus—will allow us to serve customers more comprehensively."
