Access Bank PLC and KCB Group PLC have formally agreed to acquire 100% shareholding in National Bank of Kenya Limited from KCB, marking a significant development in the banking sector.

The transaction, subject to regulatory approvals from entities such as the Central Bank of Kenya, Central Bank of Nigeria, and COMESA Competition Commission, signals a strategic move aimed at maximizing shareholder value and strengthening market competitiveness.

KCB Group CEO Paul Russo emphasized the opportunity to enhance shareholder value while capitalizing on new prospects, following four years of strategic investments in NBK as a subsidiary.

Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc, underscored the transaction’s importance in realizing the bank’s strategic plan, positioning it for increased scale and market presence in Kenya.

Upon completion, National Bank of Kenya will be integrated with Access Bank Kenya Plc to create a larger, more robust franchise, aligning with Access Bank’s vision to become Africa’s Payment Gateway to the World.

The consolidation is strategically positioned to support trade flows in East Africa and promote financial inclusion, leveraging best-in-class financial solutions to empower communities and deepen economic development across the region.

All parties involved will work collaboratively to fulfill regulatory requirements, ensuring a seamless transition that prioritizes continuity of services for stakeholders, including employees and customers.

The combined entity aims to deliver enhanced customer service and governance structures, committed to empowering communities and advancing financial inclusion initiatives.

Access Bank’s acquisition of National Bank of Kenya marks a significant step towards achieving its strategic objectives in the Kenyan and East African markets, ultimately contributing to economic prosperity and sustainable growth in the region.