Nigeria’s Access Bank acquires National Bank of Kenya in its second Kenyan acquisition

Access Bank is set to acquire the National Bank of Kenya (NBK) from the KCB Group, marking its second acquisition of a Kenyan bank in less than five years. This acquisition follows an unsuccessful attempt to acquire Sidian Bank in 2023.

According to KCB Group’s CEO Paul Russo, Access Bank will purchase the entire stake in NBK, a move he views as beneficial for NBK's future prospects. Russo announced that the process to finalize the transaction has commenced, expecting it to take between 6 to 9 months to complete, ensuring a stable future for the institution and its employees.

Access Bank had previously acquired Transnational Bank in 2020 as part of its efforts to expand its market presence in East Africa. CEO Roosevelt Ogbonna highlighted the significance of this latest acquisition in advancing the bank's strategic plan over the next five years, particularly in bolstering its position in the Kenyan market.

The acquisition of NBK by KCB in 2019, facilitated by the National Treasury and the Central Bank of Kenya (CBK), aimed to rescue the struggling bank. Since then, KCB has initiated significant reforms to enhance NBK's financial strength, bringing its capital levels in line with regulatory requirements and steering it towards profitability.