Access Bank Plc of Nigeria has entered into a binding agreement to acquire National Bank of Kenya Limited (NBK). The agreement to acquire National Bank of Kenya was made with Kenyan-based KCB Group Plc.
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KCB Group, is a non-operating holding company that started operations as a licensed banking institution on January 1, 2026. It owns the National Bank of Kenya and all associate companies. It is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.
In a regulatory filing on Wednesday, Access Holdings Plc (NGX: ACCESSCORP), the parent company of Access Bank Plc announced that its “flagship subsidiary, Access Bank Plc has entered into a binding agreement with Kenyan-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited from KCB.”
The transaction is in furtherance of Access Bank’s African expansion strategy. It is to reposition the bank as a stronger and significant player in the Kenyan market, whilst serving as a regional hub for its East African bloc.
The parties will be working together in the coming months to fulfil the conditions precedent relating to the Transaction. Regulatory approvals will be needed from both the Central Bank of Nigeria and the Central Bank of Kenya.
Access Bank in 2020 successfully completed the acquisition of Transnational Bank Plc (TNB) in Kenya.
Upon completion of the transaction, NBK will merge with Access Bank Kenya Plc to create an enlarged franchise.
Commenting on the Transaction, Ms. Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc said:
“This proposed acquisition marks a significant step in the execution of our five-year strategic plan aimed at positioning the Bank as Africa’s Gateway to the World. The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet in excess of US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market. We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.”
Access Bank Plc has been acquiring banks across the continent in recent times.
In January 2024, it acquired 80% stake in Uganda-based Finance Trust Bank Limited.
In July 2023, Access Bank Plc entered agreement with Standard Chartered Bank for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
