Access Bank Set to Acquire National Bank of Kenya

Access Bank PLC and KCB Group PLC have formally agreed to acquire the National Bank of Kenya Limited from KCB, with a binding agreement signed today.

The acquisition, which involves the purchase of 100 percent shareholding in National Bank of Kenya Limited, marks a strategic move for both Access Bank and KCB Group. The successful completion of the transaction is contingent upon customary conditions for such deals, including regulatory approvals from authorities such as the Central Bank of Kenya, the Central Bank of Nigeria, and the COMESA Competition Commission, among others.

Paul Russo, CEO of KCB Group, expressed optimism about the transaction, stating, “This transaction represents what we believe is a great opportunity to maximize value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities.”

Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc, highlighted the strategic importance of the acquisition for Access Bank, stating, “The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market. We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.”

Upon completion of the acquisition, NBK will be combined with Access Bank Kenya Pic, creating an enlarged franchise poised to serve the strategic objectives of the Kenyan and East African markets. The combined entity aims to provide best-in-class customer service and governance structures committed to empowering the communities in which the Bank operates.

Both parties will work diligently in the coming months to fulfill the necessary conditions precedent to the acquisition, including regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya. Access Bank assures its stakeholders, including employees and customers in Kenya, of continued provision of a full range of banking services and seamless access across various touchpoints, including branch networks and mobile banking platforms.

Ultimately, the combined entity seeks to leverage Access Bank’s commitment to economic development by extending financial services to the unbanked, thus deepening financial inclusion across the region.