KCB Group and Access Bank have successfully concluded the sale of National Bank of Kenya to Access Bank Plc, a significant move that has been in the works since March 2024. The completion of this transaction comes after obtaining all necessary regulatory approvals, a crucial step in such business dealings.
Following the acquisition, NBK, previously under full ownership by KCB Group, now operates as a wholly owned subsidiary of Access Bank Plc. Despite this change in ownership, both NBK and Access Bank Kenya will maintain their independent operations until all integration processes are finalized.
In expressing his optimism about the sale, KCB Group CEO Paul Russo highlighted its importance in creating value for shareholders. He stated, “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 stakeholders.”
Ensuring a smooth transition is key during such acquisitions. Russo mentioned that KCB Group is committed to working closely with Access Bank to facilitate a seamless handover process. This includes transferring systems and governance functions while adhering to regulatory guidelines and service level agreements.
The strategic acquisition of NBK by Access Bank aligns with the latter’s expansion plans in East Africa. By joining forces, the combined entity aims to strengthen its presence in Kenya significantly. This move is expected to enhance Access Bank’s offerings, enabling it to provide an even broader range of banking services tailored to meet the diverse needs of individuals and businesses across the country.
Roosevelt Ogbonna, MD/CEO of Access Bank Plc expressed his enthusiasm about the acquisition’s completion. He said, “Finalizing this acquisition marks a significant step in our drive towards unlocking the vast potential of East Africa’s financial landscape.” With NBK now part of their portfolio, he emphasized how they can leverage local expertise along with their pan-African network and innovative approach to deliver impactful banking solutions across various sectors.
George Odhiambo, Managing Director of NBK also shared his thoughts on this development stating that
“NBK’s heritage combined with Access Banks corporate retail digital banking experience allows us more thoroughly serve customers.”
As both institutions embark on this new journey together post-acquisition customers will continue accessing services through existing channels until operations are fully aligned unifying teams products into one consolidated entity.
