Access Bank, KCB Group Acquire National Bank Of Kenya, Expanding East African Presence

In a significant move towards strengthening their presence in the East African region, Access Bank PLC and KCB Group PLC have finalized a binding agreement to acquire 100 percent shareholding in National Bank of Kenya Limited (NBK) from KCB.

The completion of this transaction, subject to customary regulatory approvals from authorities such as the Central Bank of Kenya, the Central Bank of Nigeria, and the COMESA Competition Commission, marks a pivotal moment for both banking giants.
Access Bank’s commitment to bolstering its operations in Kenya and the broader East African market is underscored by this acquisition. This strategic move aligns with the bank’s ambitious expansion plans, building on its growing operations in countries like the Democratic Republic of Congo, Rwanda, and recent acquisitions in Uganda and Tanzania.

Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc, highlighted the significance of the transaction, stating, “The consolidation in Kenya will support the realization of our aspiration to be Africa’s Payment Gateway to the World.” The combined entity resulting from the acquisition will merge NBK with Access Bank Kenya Plc, creating an enlarged franchise poised to deliver sustainable value and enhance financial inclusion across the region.

Paul Russo, CEO of KCB Group, emphasized the opportunity to maximize value for shareholders while strengthening the group’s competitive position. He expressed confidence in NBK’s growth potential under KCB’s stewardship, following progressive investments made in the bank over the past four years.

As stakeholders await regulatory approvals, both Access Bank and KCB Group are committed to ensuring continuity and seamless services for customers and employees of NBK. Upon conclusion, stakeholders stand to benefit from an enlarged franchise with best-in-class customer service and governance structures aimed at empowering the communities where the bank operates.

Access Bank’s strategic expansion drive in recent months, marked by significant acquisitions including Atlas Mara Zambia, reflects its ambition to solidify its position as a leading player in the African banking landscape.  Access Bank PLC, a wholly owned subsidiary of Access Holdings Plc, operates through a vast network spanning three continents, 21 countries, and serving over 60 million customers. The bank’s commitment to sustainable business practices and financial inclusion underscores its mission to deliver profitable growth while contributing to economic development.

KCB Group PLC, East Africa’s largest commercial bank established in 1896, boasts a formidable presence across the region with a vast branch network, ATMs, and digital banking services. The acquisition of NBK further solidifies its position as a key player in the East African banking sector.
National Bank of Kenya Limited, with its stellar reputation for customer service and leadership in Islamic banking, has been a significant player in Kenya’s banking sector since 1968. As part of KCB Group, NBK is poised to leverage its strengths to continue serving the diverse needs of its customers while contributing to the growth of the Kenyan economy.

Roosevelt Ogbonna of Access Bank

With this landmark acquisition, Access Bank and KCB Group are poised to reshape the banking landscape in East Africa, driving economic growth and fostering financial inclusion for millions across the region.
By Lekan Olofinsusi