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.