Nigeria’s Access Bank completes acquisition of National Bank
By Nancy Marende, May 31, 2025Access Bank has completed the acquisition of the National Bank of Kenya from the Kenya Commercial Bank, ending a transaction that began in March 2024.
In a statement on Saturday, May 31, 2025, KCB stated that the acquisition follows the receipt of all regulatory approvals customary for a transaction of this nature.
“As a result, NBK, where KCB Group had 100% ownership, is now a wholly owned subsidiary of Access Bank Plc,” read the statement in part
Further, KCB revealed that NBK and Access Bank Kenya will continue to operate independently, pending the completion of all integration processes.
KCB Group Chief Executive Officer (CEO) Paul Russo said the completion of the transaction marks a significant milestone for KCB Group in its efforts to create and deliver value for its shareholders.
“We are confident the sale will unlock new opportunities for all the stakeholders. KCB Group will work closely with Access Bank to ensure a smooth handover and operational transition and collaborate on customary transaction closure processes. This includes finalising the transfer of systems and governance functions in line with regulatory guidelines and service level commitments,” Russo said.
On his part, Access Bank Plc’s Managing Director and Chief Executive Officer, Roosevelt Ogbonna, said finalising the acquisition marks a significant step in the bank’s drive towards unlocking the vast potential of East Africa’s financial landscape.
“Kenya stands at the heart of regional commerce, and with NBK now part of the Access Bank family, we are better positioned to leverage our combined what lies ahead as we lay the groundwork for a unified and more resilient banking presence in Kenya that empowers our customers and partners to thrive,” Ogbonna said.
The acquisition
This follows the Central Bank of Kenya’s (CBK) approval of the acquisition of National Bank of Kenya Limited (NBK) by Access Bank PLC (Access), which met the regulatory requirements.
The approval comes a few months after the National Treasury and Economic Planning Cabinet Secretary, on April 10, 2025, pursuant to Section 9 of the Banking Act, okayed the transaction.
“As part of the transaction, CBK, on April 4, 2025, further approved the transfer of certain assets and liabilities of National Bank of Kenya Limited to KCB Bank Kenya Limited pursuant to section 9 of the Banking Act,” CBK announced in a statement.
“Additionally, the Cabinet Secretary for the National Treasury and Economic Planning approved the transfer on April 10, 2025, pursuant to section 9 of the Banking Act,” it added.
“The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the agreement between the parties.”