By Ayomide Otitoju
Access Bank Plc has completed its purchase of National Bank of Kenya Limited (NBK) from KCB Group Plc, following receipt of all regulatory approvals, the two lenders announced on Monday. NBK now becomes a wholly owned subsidiary of Access Bank.
The deal, initiated in March 2024, marks a key milestone in Access Bank’s East African expansion strategy. NBK and Access Bank Kenya will continue to operate separately until full integration is concluded.
“Finalising this acquisition is a significant step toward unlocking East Africa’s vast potential,” said Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc. “NBK’s heritage and local expertise, combined with our pan-African network, will position us to deliver high-impact banking solutions and fuel intra-African trade.”
KCB Group CEO Paul Russo described the sale as “a milestone that unlocks new opportunities for all stakeholders,” adding that both parties will work closely to ensure a smooth transition in line with regulatory guidelines.
NBK Managing Director George Odhiambo said the merger would allow the Kenyan bank to expand its corporate, retail and digital offerings while maintaining its longstanding public-sector focus.
With legal completion secured, the two institutions will now align operations, unify teams and harmonise product sets. Customers of both NBK and Access Bank Kenya will continue to use existing channels during the transition phase.
