Access Bank Plc has completed its acquisition of National Bank of Kenya (NBK) from KCB Group Plc.
The deal, announced in March 2024, closed on 30 May 2025, following approvals from the Central Bank of Kenya (CBK) and the Competition Authority of Kenya (CAK).
Access Bank is Africa’s largest lender by customer base, serving over 60 million customers across 24 markets on three continents throughout more than 700 branches and service outlets.
Its operations span Nigeria, Ghana, Rwanda, Zambia, Mozambique, Botswana, and the DRC, and it has branches in the UK and UAE, as well as representative offices in China, Lebanon, India, Paris, and Hong Kong.
With the acquisition of 100% of NBK, its second after acquiring and rebranding Transnational Bank, Access Bank strengthens its footprint in Kenya.
Roosevelt Ogbonna, Managing Director and CEO of Access Bank, emphasized: “Finalizing this acquisition marks a significant step in unlocking East Africa’s financial potential. Kenya is a key hub, and NBK’s integration positions us to deliver high-impact banking solutions.”
KCB Group CEO Paul Russo highlighted the deal’s value for shareholders and customers: “This transaction is a milestone for KCB Group. We will ensure a seamless transition for all stakeholders.”
KCB Group Finance Director, Lawrence Kimathi(Right) with Access Bank Plc’s Executive Director African Subsidiaries, Oluseyi Kumapayi
Overcoming Regulatory Challenges
The acquisition process was not without challenges. Beyond Kenya’s regulatory approvals, Access Bank had to address compliance issues in the Democratic Republic of Congo (DRC). The DRC requires that banks achieve at least 45% local ownership by 2026. Nigeria’s Central Bank also reviewed Access Bank’s international exposure before approving the acquisition.
Despite these hurdles, Access Bank’s financial strength supported its expansion plans.
Access Bank’s 2024 Annual Report truly highlights robust growth that underpins this expansion. Key metrics over the past three years include:
| Metric | 2022 | 2023 | 2024 | 3-Year Growth |
|---|---|---|---|---|
| Total Assets | ₦14.97Tn (~$9.73Bn) | ₦26.46Tn (~$17.20Bn) | ₦40.84Tn (~$26.55Bn) | +173% |
| Total Deposits | ₦11.26Tn (~$7.32Bn) | ₦19.71Tn (~$12.81Bn) | ₦31.83Tn (~$20.69Bn) | +183% |
| Gross Loans | ₦5.56Tn (~$3.61Bn) | ₦8.92Tn (~$5.80Bn) | ₦13.07Tn (~$8.49Bn) | +135% |
| Shareholders’ Funds | ₦1.23Tn (~$0.80Bn) | ₦2.35Tn (~$1.53Bn) | ₦3.85Tn (~$2.50Bn) | +214% |
| Gross Revenue | ₦1.38Tn (~$0.90Bn) | ₦2.59Tn (~$1.68Bn) | ₦4.81Tn (~$3.13Bn) | +248% |
| Profit Before Tax | ₦170.40Bn (~$0.11Bn) | ₦751.09Bn (~$0.49Bn) | ₦893.74Bn (~$0.58Bn) | +424% |
| Profit After Tax | ₦155.87Bn (~$0.10Bn) | ₦645.46Bn (~$0.42Bn) | ₦710.80Bn (~$0.46Bn) | +356% |
(USD equivalents based on ₦1 = $0.00065 as at 31 December 2024)
Roosevelt Ogbonna said these figures demonstrate Access Bank’s disciplined execution and resilience in a challenging environment.
The Nigerian lender plans to integrate NBK gradually. It will align systems, harmonize products, and unify teams to enhance the customer experience. NBK’s Managing Director, George Odhiambo, said: “NBK has a proud legacy of serving Kenya’s public sector. Access Bank’s expertise in corporate, retail, and digital banking will help us serve customers more effectively.”
Furthermore, Access Bank’s diversified model spans corporate, commercial, and retail banking. Its reach includes key customer segments like telecommunications, oil & gas, manufacturing, construction, and government parastatals.
Founded in 1989, Access Bank has grown into Africa’s largest bank by customer base. It aims to connect African businesses to global markets and support trade and payments across the continent.
Roosevelt Ogbonna concluded: “Our ambition is to be the bridge that connects African businesses to global markets, fuels intra-African trade, and drives inclusive prosperity.”
The acquisition of NBK marks another important step in realizing that ambition.
News Source: The Kenyan Wall Street
