KCB Group PLC has finalized the sale of its wholly-owned subsidiary, National Bank of Kenya (NBK), to Nigeria’s Access Bank PLC. The transaction, which commenced in March 2024, received all the necessary regulatory approvals, paving the way for Access Bank to deepen its footprint in East Africa.
Following the conclusion of the transaction, NBK is now a fully owned subsidiary of Access Bank PLC. For now, NBK and Access Bank Kenya will continue to operate independently until the integration process is complete.
KCB Group CEO Paul Russo described the transaction as a key milestone in the Group’s strategy to deliver greater shareholder value. “We are confident the sale will unlock new opportunities for all stakeholders,” said Russo. “KCB Group will work closely with Access Bank to ensure a smooth operational transition and complete all regulatory and service-level commitments.”
Russo added that KCB Group would continue engaging stakeholders throughout the integration period to ensure full compliance and maintain customer confidence.
The acquisition forms part of Access Bank’s broader expansion strategy across East Africa. The move significantly strengthens Access Bank’s presence in Kenya, enhancing its ability to deliver an expanded range of financial services tailored to local needs.
Access Bank PLC Managing Director and CEO Roosevelt Ogbonna welcomed the acquisition as a pivotal moment in the bank’s East African growth journey. “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,” he said.
L-R Seyi Kumapayi, Access Bank PLC Executive Director African Subsidiaries, Lawrence Kimathi, KCB Group PLC Director Finance during the signing ceremony to make the completion of the sale of National Bank of Kenya to Access Bank PLC in Nairobi on Friday. NBK, which was previously owned 100pc by KCB Group PLC is now a fully-fledged subsidiary of Access Bank Plc.
Ogbonna emphasized the importance of NBK’s legacy and local knowledge, noting that the integration with Access Bank’s pan-African network and innovation-driven strategy would create a stronger banking platform to drive economic growth and support intra-African trade.
NBK Managing Director George Odhiambo said the deal presents a unique opportunity to build on the bank’s historic role in public sector banking. “Access Bank’s strength in corporate, retail, and digital banking, coupled with NBK’s public sector focus, will enable us to serve our customers more comprehensively and grow our footprint.”
With the legal transfer completed, the two banks will now begin the operational integration process. Customers are assured that all current banking services at NBK and Access Bank Kenya will continue uninterrupted as the institutions work toward unifying operations, teams, and products.
The transaction highlights the growing trend of consolidation and strategic partnerships aimed at bolstering resilience and competitiveness in Kenya’s banking industry.