Access Holdings seals N179bn deal to acquire National Bank of Kenya

By Uche Usim

Access Holdings Plc, parent company of Access Bank, has announced the financial details of its acquisition of the National Bank of Kenya (NBK), valuing the transaction at approximately N179.1 billion (US$109.6 million), a major milestone in the group’s aggressive expansion drive across East Africa.

The deal, initially unveiled in May 2025, was completed on May 30, 2025, after both Nigerian and Kenyan regulators gave their conditional approvals. 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).”

However, Access Holdings clarified that the full transfer of control of NBK had not yet occurred as of June 30, 2025, since certain regulatory conditions were still outstanding. “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,” the statement noted.

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.

“This transaction reflects our commitment to building a strong pan-African banking franchise,” Access Holdings said. “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.