Access Bank, the largest bank in Nigeria in terms of assets, is in the final stages of acquiring National Bank of Kenya (NBK) owned by KCB Group. This acquisition will be a significant move for Access Bank’s expansion across Africa, particularly in Kenya, a major financial hub in East Africa.
The CEO of KCB Group, Paul Russo, has confirmed that the acquisition is progressing as planned and is included in KCB’s full-year results for 2024. Regulatory approvals are almost complete, with the Central Bank of Kenya being the only remaining approval needed.
The acquisition was approved by Kenya’s Competition Authority in October 2024, with conditions set for employee retention and other aspects of the deal. The deal’s financial impact is reflected in KCB’s 2024 results, showing a decline in total assets due to various factors.
Although the deal’s exact value remains undisclosed, it is estimated to be around $100 million based on the agreed book value. Access Bank will significantly expand its branch network by acquiring NBK’s 77 branches, strengthening its market presence in Kenya.
Despite being ranked low among licensed banks in Kenya, Access Bank’s acquisition of NBK will enhance its position and growth potential in the market. This acquisition is part of Access Bank’s strategy to grow its presence in key African markets.
Please note that this is an ongoing development, and further updates will follow as the acquisition progresses.