The sale of National Bank of Kenya Limited (NBK) by KCB Group Plc to Access Bank Plc has been concluded, the Nigerian lender has confirmed.
In a statement on Friday, Access Bank said the transaction was completed after the receipt of all regulatory approvals related to the transaction.
Recall that the process of acquiring the Kenyan financial institution by its Nigerian counterpart commenced in March 2024.
With the conclusion of the deals, NBK is now a subsidiary of Access Bank, with customers expected to enjoy more robust suite of banking services in the East African nation.
However, at the moment, Plc. NBK and Access Bank Kenya will operate independently, pending the completion of all integration processes.
“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.
“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,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
His counterpart at KCB Group, Mr 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 ...-transaction integration period.”
The chief executive of NBK, Mr George Odhiambo, while commenting, said, “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.”