Access Holdings Plc, the parent company of Access Bank, has disclosed the financial terms of its acquisition of the National Bank of Kenya (NBK), valuing the deal at about N179.1 billion (US$109.6 million). The transaction marks a significant step in the group’s ambitious expansion strategy across East Africa.
According to the group’s 2025 half-year 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).”
The statement noted, “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.”
To secure the seller’s interest pending final clearance, 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), ensuring payment protection for all parties involved.
Access Holdings described the acquisition as a crucial pillar of its regional growth strategy aimed at deepening its foothold in East Africa. Kenya, being a leading financial hub in the region, offers vast opportunities for expanding corporate, retail, and digital banking operations.
Access Holdings said, “This transaction reflects our commitment to building a strong pan-African banking franchise. By combining NBK’s local expertise with Access Bank’s global network, we aim to create a more innovative and efficient banking ecosystem in Kenya.”
The deal aligns with Access Holdings’ long-term ambition to position itself as Africa’s gateway to the world, leveraging its cross-border presence, technology, and partnerships to deliver inclusive financial services and strengthen trade flows across the continent.
The transaction was approved by the Central Bank of Kenya (CBK) on April 4, 2025, under Section 13(4) of the Banking Act, followed by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, in line with Section 9 of the same Act.
As part of the process, certain assets and liabilities of NBK were transferred to KCB Bank Kenya Limited, a subsidiary of KCB Group, to ensure a seamless restructuring and transition. Both the CBK and the National Treasury have endorsed the asset transfer, paving the way for final integration.
Once fully completed, the acquisition will officially make NBK part of the Access Bank network, bolstering the group’s competitive position in Kenya’s fast-evolving financial landscape and reinforcing its vision of becoming a leading pan-African powerhouse.
