Access Bank Completes Acquisition of National Bank of Kenya, Deepening East Africa Presence

Access Bank PLC has officially completed its acquisition from the National Bank of Kenya Limited (NBK) of KCB Group PLC, expanding its presence in East Africa.

With the acquisition, NBK, formerly a subsidiary in exclusive ownership of KCB Group, a recorded non -operational portfolio company which oversees KCB Bank Kenya, is now entirely owned by Access Bank. However, NBK and Access Bank Kenya will continue to operate independently in the short term while the integration processes are finalized.

Speaking about the acquisition of NBK,

Roosevelt Ogbonna, Managing Director / Head of Management of Access Bank Plc, said,

“”The finalization of this acquisition marks an important step in our motivation towards the unlocking of the vast potential of the financial landscape of East Africa. Kenya is at the heart of regional trade and, with NBK, is now part of the family of access banks, it is better placed to take advantage of our combined forces to provide high impact banking solutions to individuals, businesses and government institutions.

“”The heritage of NBK and local expertise, combined with our Pan -African network and our approach led by innovation, will allow us to serve as a stronger catalyst for economic growth. Our ambition is clear: to be the bridge that connects African companies to global markets, feed intra-African trade and stimulate inclusive prosperity. We are delighted with what awaits us while we lay the foundations for a unified and more resilient banking presence in Kenya which allows our customers and partners to prosper. »»

The CEO of the KCB group, Paul Russo, said that the completion of this transaction marks an important step for the KCB group in the bank’s efforts to create and provide value to its shareholders. He also expressed the confidence that the sale will unlock new opportunities for all stakeholders.

“”The KCB group will also continue to hire the stakeholders concerned to ensure compliance and preserve customer confidence throughout the post-transaction integration period “,” He added.

George Odhiambo, managing director of NBK, added, “NBK has a proud inheritance of serving the public sector in Kenya, and this integration with Access Bank offers an exciting opportunity to rely on this foundation. The expertise of the access bank through companies, retail businesses and digital banks combined with a strong accent on the public sector, will allow us to serve customers more in -depth and to extend our scope. ”

The legal aspects of the completed transaction, the two banks are now focusing on the transition of operations, the alignment of teams and the harmonization of product offers. During this period, customers will continue to access services via their existing banking channels.

Access Bank, a leading multinational commercial bank, has established a significant presence in East Africa in the context of its Pan -African expansion strategy. The bank has a strong and growing presence in the region of East Africa, with operational subsidiaries in Kenya, Tanzania, Rwanda and Uganda.

Thanks to strategic acquisitions such as the Transnational Bank, the Sidian Bank and the Kenya National Bank; Bancabc Tanzania; Bancor SA in Rwanda; And Finance Trust Bank in Uganda, the bank positions itself as a key player in the banking sector in the region. Its operations in the region focus on improving financial inclusion, intra-African trade support and the supply of innovative banking solutions.

The entry of the access bank into the Eastern African markets, in particular thanks to large -scale acquisitions such as the National Bank of Kenya, should increase competition, leading to better services and products for customers.

In particular, its emphasis on digital innovation, financial inclusion and intra-African trade aligns with its vision as a leading African bank, Kenya serving as a regional center for its East African operations.