Access Holdings Plc, Nigeria’s biggest banking group by assets, will pay $109.6 million (₦179.1 billion) to complete the acquisition of National Bank of Kenya (NBK) from KCB Group Plc, according to its latest financial report released on Friday.
Earlier this year, Access announced plans to acquire NBK, a deal that will give the group full ownership and mark its second acquisition in Kenya after taking over and rebranding Transnational Bank in 2020.
Once concluded, Access Bank Kenya will be elevated to a Tier II lender, strengthening the Nigerian banking group’s position in East Africa’s financial sector.
The transaction had faced delays after the Central Bank of Nigeria (CBN) raised concerns about Access Bank’s exposure in certain markets — particularly in the Democratic Republic of the Congo (DRC), where the bank’s subsidiary was reportedly not in compliance with local banking regulations.
“As part of the completion process, the group received the completion documents from the seller (KCB Group) on May 30, 2025, for a total estimated consideration of $109.6 million,” the report said.
To ensure the seller’s right to payment pending the fulfillment of regulatory approvals, Access, KCB Group, and the African Export–Import Bank (AfreximBank) entered into a guarantee agreement valued at $89.5 million (₦142.3 billion), effective May 30, 2025.
“The transaction remains subject to the receipt of unconditional regulatory approvals, which represents the final requirement for satisfying the closing conditions. As of June 30, 2025, these conditions had not been fulfilled, and control of NBK had not yet transferred to the Group,” the group added.
Consequently, Access has not yet consolidated NBK’s financial results in its interim financial statements.
In a separate development, the parent company of Access Bank Nigeria disclosed that it has entered into a binding agreement with South Africa’s Bidvest Group Limited to acquire its 100% equity stake in Bidvest Bank Holdings Limited for an estimated ZAR 2.3 billion (approximately $122 million).
The acquisition, however, remains subject to pending regulatory and closing conditions.
These acquisitions underscore Access Holdings’ ongoing strategy to become Africa’s most diversified banking group, with operations spanning 24 markets across three continents.
The group’s network includes subsidiaries in Nigeria, Ghana, Kenya, Rwanda, Zambia, Mozambique, Botswana, and the DRC, as well as branches in the United Kingdom and the United Arab Emirates.
It also operates representative offices in China, Lebanon, India, Paris, and Hong Kong, collectively serving over 60 million customers through more than 700 branches and service outlets worldwide.
