Access Bank Plc has completed the acquisition of the National Bank of Kenya (NBK) from KCB Group, in a deal that deepens the Nigerian lender’s push into East Africa. The transaction, which began in March 2024, received all required regulatory approvals and was finalised on 30 May 2025. NBK, previously a wholly owned subsidiary of KCB Group, is now fully owned by Access Bank.
As part of the deal, NBK will operate as a subsidiary of Access Bank, with operations continuing independently alongside Access Bank Kenya, pending full integration. Customers of both banks will continue using their current channels while the integration is underway.
According to KCB Group CEO Paul Russo, the deal marks a strategic milestone in unlocking value for shareholders and ensuring a smooth operational handover. Access Bank is now responsible for aligning operations, harmonising product offerings, and unifying teams between NBK and Access Bank Kenya.
Behind the deal
While the exact transaction amount has not been publicly disclosed, KCB Group indicated that the National Bank of Kenya (NBK) would be sold at 1.25 times its book value. Given NBK’s book value of approximately $79.77 million in 2023, the acquisition is estimated to be valued at around $102 million.
This acquisition is a core part of Access Bank’s broader East African expansion strategy. For KCB, the move forms part of its longer-term restructuring and consolidation efforts.
Access Bank entered the Kenyan market in 2020 by acquiring Transnational Bank, which was subsequently rebranded as Access Bank Kenya. Before the NBK acquisition, Access Bank Kenya operated 23 branches across 12 counties and held a market share of 0.2%, ranking 37th out of 39 licensed commercial banks in the country.
With the acquisition of NBK, which had 77 branches in 28 counties, Access Bank’s presence in Kenya has significantly expanded. The combined entity now holds a market share of 1.9%, elevating Access Bank Kenya to a tier-two bank status.
Access Bank sees Kenya as a strategic entry point into the East African corridor, where its blend of retail, corporate, and digital banking services, alongside a strong public sector play, could drive competitive advantage.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, noted that the acquisition allows the bank to tap into Kenya’s financial and trade ecosystems, describing it as a “springboard to unlock the vast potential of East Africa’s financial landscape.”
He also emphasised the deal’s potential to deepen support for individuals, businesses, and government institutions.
Why it matters
NBK has historically served Kenya’s public sector and holds strong local brand equity. Its acquisition by Access Bank gives the latter immediate scale, a broader client base, and a strategic platform to deliver pan-African banking solutions. Kenya is East Africa’s economic powerhouse, and Access Bank’s entry signals a vote of confidence in the country’s long-term prospects.
More broadly, the deal continues Access Bank’s expansion across the continent. It recently entered Angola and Guinea and has expressed intentions to grow in Morocco, Namibia, and Ethiopia. The NBK deal strengthens its ability to operate as a truly pan-African bank with cross-border synergies.
The big picture
African banks are increasingly looking to regional consolidation to strengthen balance sheets, widen reach, and improve service delivery.
With rising competition from fintechs and tighter regulatory environments, scale is becoming crucial. For Access Bank, this move consolidates its East African footprint and aligns with its ambition to become Africa’s gateway to the world.
For KCB Group, the divestment helps streamline operations and allows it to focus on core subsidiaries and digital transformation. The broader trend reflects a maturing banking industry on the continent—one where strategic acquisitions and partnerships are key levers for growth and resilience.
