KCB Group has finally completed the sale of its entire stake in the National Bank of Kenya (NBK) to Nigeria’s Access Bank in a landmark transaction.

The conclusion of the significant transaction marks the end of a high-profile agreement that commenced back in March 2024 and now reshapes the financial landscape in East Africa.

After the nod from all required regulatory authorities, Access Bank has taken full ownership of NBK making the Kenyan lender a wholly owned subsidiary of the Nigerian banking giant.

For now, NBK and Access Bank Kenya will continue to operate as separate entities until the full integration process is finalized.

Speaking on the development, KCB Group CEO Paul Russo said, “The completion of this transaction marks a significant milestone for KCB Group in our efforts to create and deliver value for our shareholders. We are confident the sale will unlock new opportunities for all the stakeholders.”

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Russo emphasized that KCB will work closely with Access Bank during the handover for a smooth transition, while keeping customer trust and regulatory compliance top of mind.

He added: “KCB Group will also continue to engage relevant stakeholders to ensure compliance and preserve customer confidence throughout the post-transaction integration period.”

Strategic Leap

This acquisition is a bold move in Access Bank’s East Africa expansion strategy, positioning the Nigerian lender to become a stronger force in Kenya’s very competitive banking sector.

Access Bank Managing Director and CEO Roosevelt Ogbonna described the strategic acquisition of NBK as a gateway for the bank to unlocking East Africa’s financial potential.

“Kenya stands at the heart of regional commerce, and with NBK now part of the Access Bank family, we are better positioned to leverage our combined strengths to deliver high-impact banking solutions to individuals, businesses, and government institutions alike,” stated Ogbonna.

Ogbonna added that Access Bank intends to tap into NBK’s local financial expertise while bringing into play its own pan-African network and tech-driven approach to the business.

“Our ambition is clear: to be the bridge that connects African businesses to global markets, fuel intra-African trade, and drive inclusive prosperity,” he concluded.

New Era

NBK Managing Director George Odhiambo is optimistic about the next chapter of the bank, which has historically served Kenya’s public sector, but will now broaden its impact.

“Access Bank’s expertise across corporate, retail, and digital banking, combined with a strong public sector focus, will allow us to serve customers more comprehensively and extend our reach,” intimated Odhiambo.

What Next?

With the legal transaction now wrapped up, the two banks will embark on a structured transition process to harmonise operations, unify teams, and align products and services.

Customers of both financial institutions will continue to use their existing banking channels, whether through NBK or Access Bank Kenya, until the full integration process is completed.

The acquisition signals a broader trend in Africa’s banking sector: growing cross-border partnerships to build more resilient and competitive financial institutions across Africa.

For customers and investors in both Kenya and Nigeria, the signing of the major agreement marks a key step toward a more connected, inclusive, and pan-African banking experience.