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Access Holdings Plc, the parent company of Access Bank, has completed the acquisition of the National Bank of KenyaA major deal that will strengthen Access Bank’s footprint in East Africa and position the group for expansion in East AfricaAccess Holdings aims to build a leading pan-African banking franchise for easy cross-border transactions Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends. Access Holdings Plc, the parent company of Access Bank, has confirmed that it has completed the acquisition of the National Bank of Kenya (NBK) In its 2025 half-year financial statement published on NGX, Access Holdings revealed that the deal was valued at approximately N179.1 billion (US$109.6 million). The deal was first announced in May 2025, was completed on May 30, 2025, following conditional approvals from both Nigerian and Kenyan regulators. Access Holdings said in its financial statement: “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 USD109.6 million (N179.1 billion).” However, Access Holdings clarified that the full transfer of control of NBK had not yet been completed as of June 30, 2025, due to certain regulatory conditions still pending. The company stated: “As at 30 June 2025, these conditions had not been fulfilled, and control of NBK had not yet transferred to the Group. Consequently, the financial results of National Bank of Kenya have not been consolidated in these financial statements.” More details about Access Bank deal To safeguard the seller’s interest pending final approvals, Access Holdings, KCB Group Plc (the seller), and the African Export–Import Bank (Afreximbank) signed a guarantee agreement effective May 30, 2025. The agreement provides a maximum guarantee amount of US$89.5 million (N142.3 billion) to ensure payment protection for all parties involved. Access Holdings described the acquisition as a strategic pillar of its regional growth agenda aimed at strengthening its footprint in East Africa. Kenya, a leading financial hub in the region, presents significant opportunities for scaling corporate, retail, and digital banking operations. “This transaction underscores our commitment to building a strong pan-African banking franchise. “By integrating NBK’s local expertise with Access Bank’s international reach, we aim to create a more innovative and efficient banking ecosystem in Kenya.” The acquisition aligns with Access Holdings’ long-term ambition to position itself as Africa’s gateway to the world, leveraging its cross-border network, technology, and partnerships to enhance financial inclusion and boost intra-African trade. Access Bank to take over the assets of National Kenya Bank The Central Bank of Kenya (CBK) approved the transaction on April 4, 2025, under Section 13(4) of the Banking Act, followed by approval from the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, in accordance with Section 9 of the same Act, theSun reports. As part of the restructuring process, selected assets and liabilities of NBK were transferred to KCB Bank Kenya Limited, a subsidiary of KCB Group, to ensure a smooth transition and operational alignment. Both the CBK and the National Treasury have endorsed the transfer, paving the way for final integration. Once completed, the acquisition will officially bring NBK under the Access Bank network, strengthening the group’s competitive position in Kenya’s rapidly evolving financial sector and advancing its vision of becoming a leading pan-African financial powerhouse. Zenith Bank to acquire Kenyan Bank In a related development, Legit.ng reported that Nigeria’s Zenith Bank is also eyeing the Kenyan market, with talks reportedly underway to acquire a tier-2 bank. This will be Zenith Bank’s first foray into the growing Kenyan market and outside West Africa, thereby deepening Nigerian banks’ presence in Kenya. Zenith Bank will join Access Bank, Guaranty Trust Bank, and United Bank for Africa (UBA) in the Kenyan market. Source: Legit.ng
