Access Bank completes takeover of National Bank from KCB

Access Bank has completed the acquisition of National Bank of Kenya (NBK) from KCB Group as it continues on its Kenyan expansion drive.

Negotiations between the two lenders have been ongoing since March 2024.

The conclusion of the deal follows regulatory approvals and will see NBK become a wholly-owned subsidiary of Access Bank.

In a joint statement Friday, the two lenders said NBK and Access Bank Kenya would continue to operate independently, pending the completion of all integration processes.

“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,” said KCB Group CEO Paul Russo.  

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“KCB Group will also continue to engage relevant stakeholders to ensure compliance and preserve customer confidence throughout the post-transaction integration period,” he added. Access Bank, Nigeria’s top lender by assets, acquired Kenya’s Transnational Bank in January 2020, which it later renamed Access Bank Kenya.

KCB, on the other hand, completed the takeover of NBK in September 2019, becoming its wholly-owned subsidiary.

Commenting on the completion of the transaction, Access Bank CEO Roosevelt Ogbonna said it marks a significant step in the lender’s 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,” he said. NBK Managing Director George Odhiambo said the deal provides a platform to ride on Access Bank’s expertise across corporate, retail, and digital banking.

“With the legal transaction now completed, both institutions will begin the transition process to ensure a seamless integration. In the interim, customers will continue to access services through their existing banking channels, whether with NBK or Access Bank Kenya,” he said.