Breaking! Access Bank to acquire National Bank of Kenya from the KCB Group, making it its second acquisition of a Kenyan bank in less than five years.

In 2019, Access Bank purchased Transnational Bank Limited intending to grow in the East African region and it is seen that the growth is not over yet as Access Bank makes moves to acquire National Bank of Kenya from the KCB Group, making it its second acquisition of a Kenyan bank in less than five years.

In a statement filed on Wednesday, Access Holdings’ Secretary, Sunday Ekwochi, said in a statement filed on the Nigerian Exchange Limited that the deal’s finalisation is contingent upon receiving regulatory approvals from the central banks of Kenya and Nigeria.

KCB Group’s CEO Paul Russo said Access Bank will buy out the entire stake in a deal he termed good for the future of NBK said Tech Cabal.

Russo also said “We kick off the hard work to make sure the transaction is successful. It will take 6 to 9 months to close it out and cross the line but we give a predictable future about the institution and particularly our staff,” 

Access CEO Roosevelt Ogbonna said. “The transaction represents an important milestone for the bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market.” 

Bolaji Agbede, the Acting Group CEO of Access Holdings Plc also 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.

Before this, Access Bank had tried to acquire Sidian Bank but fell through in 2023, it seems Access Bank Holdings is not giving up on its journey to expansion and growth.