Access Holdings Plc, the parent company of Access Bank, has announced the completion of its acquisition of the National Bank of Kenya (NBK) at a cost of ₦179.1 billion (US$109.6 million), marking a major step in its pan-African expansion strategy.
The financial group disclosed the details of the deal in its half-year report, confirming that the transaction forms part of its long-term goal to strengthen its presence in East Africa’s financial market. According to the company, “As part of the completion process, the Group received the completion documents from the Seller (KCB Group) on 30 May 2025 for a total estimated consideration of USD 109.6 million (N179.1 billion).”
Although the acquisition was finalized in May, Access Holdings clarified that full operational control of NBK is still pending, as regulatory approvals are being concluded in both Kenya and Nigeria. The group explained that as of 30 June 2025, certain conditions “had not been fulfilled, and control of NBK had not yet transferred to the Group,” meaning the bank’s financial results have not yet been consolidated into its accounts.
To safeguard the transaction during the transition phase, Access Holdings, KCB Group, and the African Export–Import Bank (Afrexim) entered into a guarantee agreement covering up to US$89.5 million (₦142.3 billion). This ensures the seller’s financial interests remain protected until the full regulatory process is completed.
The acquisition, which was approved by the Central Bank of Kenya (CBK) on April 4, 2025, and by Kenya’s National Treasury on April 10, 2025, allows Access Holdings to expand its banking operations within East Africa’s fast-growing economy. In preparation for the takeover, specific assets and liabilities of NBK were transferred to KCB Bank Kenya Limited, a subsidiary of KCB Group, with the consent of both CBK and the Treasury.
Access Holdings described the acquisition as part of its mission to “build a strong pan-African banking franchise,” combining NBK’s local expertise with Access Bank’s regional experience to drive innovation and financial inclusion. The company said the merger will help create “a more innovative and efficient banking ecosystem in Kenya.”
Economically, this acquisition reflects Nigeria’s growing financial influence across Africa, with Access Holdings positioning itself as a key player in regional integration, trade financing, and cross-border banking services. Once regulatory approvals are finalized, the deal will mark the official entry of NBK into the Access Bank network, strengthening the group’s competitiveness in Kenya’s dynamic banking landscape.
