Access Bank Plc has completed its acquisition of the National Bank of Kenya (NBK) from KCB Group, marking a significant expansion into East Africa. The transaction, initiated in March 2024, received all necessary regulatory approvals and was finalised on May 30, 2025.
While the exact amount remains undisclosed, KCB Group had indicated that NBK would be sold at 1.25 times its book value. Given NBK’s book value of approximately $79.77 million in 2023, the acquisition is estimated at around $102 million .
The acquisition received conditional approval from the Competition Authority of Kenya (CAK) in October 2024, stipulating that Access Bank retain at least 80% of NBK’s workforce and all employees of Access Bank Kenya for a minimum of one year post-acquisition .
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Prior to the acquisition, Access Bank Kenya operated 23 branches across 12 counties, holding a 0.2% market share and ranking 37th out of 39 licensed commercial banks in Kenya. NBK, with 77 branches in 28 counties, was a tier-two bank. The combined entity now holds a 1.9% market share, elevating Access Bank Kenya to tier-two status .
Initially, NBK will operate as a subsidiary of Access Bank, maintaining independent operations alongside Access Bank Kenya. Customers of both banks will continue using their current channels while integration processes are underway.
This deal aligns with Access Bank’s broader East African expansion strategy. The bank views Kenya as a strategic entry point into the East African corridor, aiming to leverage its blend of retail, corporate, and digital banking services to drive competitive advantage. For KCB Group, the divestment allows it to streamline operations and focus on core subsidiaries and digital transformation .
