National Bank of Kenya: Nigerian Lender Fully Acquires KCB Subsidiary after Year-Long Transaction
- The Kenya Commercial Bank (KCB) Group announced the sale of National Bank of Kenya (NBK) to Access Bank in March 2024
- The Nigerian lender completed the year-long transaction in May 2025, after regulatory approval
- Access Bank CEO Roosevelt Ogbonna said the acquisition complements the lender's drive to unlock the vast potential of the region's financial landscape
Wycliffe Musalia has over six years of experience in financial, business, technology, climate, and health reporting, providing deep insights into Kenyan and global economic trends. He currently works as a business editor at TUKO.co.ke.
National Bank of Kenya (NBK) is now fully owned by Access Bank, after a year-long transaction that began in March 2024.
Source: Facebook
KCB Group PLC and Access Bank PLC completed the sale of NBK on May 1, 2025, after receiving all regulatory approvals.
In a joint communique, the lenders noted that NBK and Access Bank Kenya will continue to operate independently, pending the completion of all integration processes.
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Why KCB sold NBK
KCB Group CEO Paul Russo welcomed the full acquisition of NBK, describing it as a significant milestone for the Group's efforts to create and deliver value for shareholders.
"We are confident the sale will unlock new opportunities for all the stakeholders," said Russo.
Russo assured that KCB will work closely with Access Bank to ensure a smooth transition, including the transfer of systems and governance functions based on the regulatory guidelines.
He said the Group will also continue to engage relevant stakeholders to ensure compliance and preserve customer confidence.
Why Access Bank acquired NBK
Source: Twitter
Access Bank, with a 0.2% share in the Kenyan market, entered a transaction deal with KCB in March 2024 to acquire NBK.
The bank's managing director and CEO, Roosevelt Ogbonna, revealed that the acquisition complements the lender's drive to unlock the vast potential of East Africa's financial landscape.
Ogbonna said NBK will significantly enhance Access Bank's presence in Kenya and the entire region.
"This acquisition is a significant step in our drive towards unlocking the vast potential of East Africa's financial landscape. Through NBK, we are better positioned to leverage our combined strengths to deliver high-impact banking solutions to individuals, businesses, and government institutions alike," said Ogbonna.
The CEO added that Access Bank will provide greater access through an expanded branch and ATM network, enhanced digital services and a broader suite of products tailored to individuals, SMEs, corporates and government institutions across Kenya.
Kenyan regulators' approval of NBK sale
This followed regulatory approval from the Central Bank of Kenya (CBK), the National Treasury and the Competition Authority of Kenya (CAK).
CBK approved the acquisition of the ailing lender in April 2025, allowing the sale of 100% KCB stakes in NBK to the Nigerian bank.
The deal was estimated to close at $100 million (KSh 12.95 billion), based on KCB Group's book value of $79.77 million (KSh 10.33 billion) in the subsidiary.
NBK is a listed company under the Nairobi Securities Exchange (NSE).
Proofreading by Mercy Nyambura, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
