Access Bank Completes the Buyout of Kenyan Lender NBK

Access Bank Plc has officially completed its acquisition of the National Bank of Kenya (NBK), cementing a strategic move that strengthens its presence in East Africa. 

This milestone wraps up a deal that began in March 2024, with the final nod coming after all necessary regulatory approvals were secured.

With this acquisition, NBK, formerly a full subsidiary of Kenya’s KCB Group Plc is now wholly owned by Access Bank Plc. 

Although the ownership has changed hands, both NBK and Access Bank Kenya will continue to run separately for now, as plans are underway for a gradual integration of operations.

Access Bank’s Managing Director and CEO, Roosevelt Ogbonna, called the acquisition a major step in the bank’s vision to grow across Africa. “Kenya is a vital hub for trade and finance in East Africa,” Ogbonna said. “Bringing NBK into our family means we’re better placed to offer impactful banking services to businesses, individuals, and government bodies in the region.

He also noted that NBK’s deep roots in Kenya, especially in the public sector, combined with Access Bank’s broader African network and technology-driven services, will help expand economic opportunities and strengthen cross-border trade across the continent.

On KCB Group’s end, CEO Paul Russo described the transaction as a value-driven move for shareholders and reassured the public that both banks would work together to ensure a seamless transition. 

This includes system upgrades and adjustments to governance in line with Kenyan and regional banking regulations.

NBK’s Managing Director, George Odhiambo, echoed this optimism. He highlighted how the bank’s legacy of serving Kenya’s public sector will benefit from Access Bank’s expertise in corporate, retail, and digital banking. 

According to him, the partnership sets NBK up to deliver even broader services and deepen its reach within the country.

For now, customers of both NBK and Access Bank Kenya won’t experience any disruption. Each institution will continue to operate through its existing platforms while integration efforts move forward behind the scenes.

The completion of this acquisition marks not just a financial deal but a strategic alignment poised to reshape how banking services are delivered in Kenya and the wider East African region.