KCB maintains ownership of a portion of NBK assets following Access Bank's takeover in Kenya
Access Bank Boosts Presence in Kenya with Acquisition of National Bank of Kenya
Access Bank, a leading financial institution, has expanded its footprint in Kenya after finalising the acquisition of National Bank of Kenya (NBK) from KCB Group on May 30. This move will significantly increase Access Bank's presence in the Kenyan market.
NBK, with its 85-branch nationwide network, will become the cornerstone of Access Bank's East African strategy. The acquisition is expected to strengthen Access Bank's corporate and retail offerings in Kenya.
However, Access Bank will need to inject additional capital into NBK to meet regulatory capital requirements and support the bank's turnaround after years of weak performance. The exact amount of capital required has not been disclosed yet.
At the end of March 2025, NBK reported assets of $1.1 billion (KES149.5 billion) and customer deposits of $808.4 million (KES104.3 billion). The estimated value of the sale of NBK is $100 million.
KCB Group, the previous owner of NBK, has utilized a portion of the sale proceeds to bolster its operations. For instance, about $31 million (Sh4 billion) has been committed to enhance the capital and growth of its Tanzania subsidiary.
Despite the sale, KCB Group has retained a portion of NBK's customers, assets, and liabilities. KCB's directors have also recommended an interim and special dividend of $0.031 (KES4) per share following the conclusion of the sale of NBK.
In a statement, KCB Group CEO, Paul Russo, advised that customers are better off engaging with KCB than moving to Access Bank. He also mentioned that the bank has paired exposures with matching assets to ensure loans remain fully secured.
Some customers who maintained relationships with both KCB and NBK opted to stay with KCB. Access Bank, on the other hand, expects the acquisition to increase its presence in Kenya and strengthen its position in the market.
Roosevelt Ogbonna, the managing director of Access Bank, expressed his excitement about the acquisition, stating that Kenya stands at the heart of regional commerce, and with NBK now part of the Access family, they are better positioned to deliver high-impact banking solutions.
As of August 2025, the exact amount of capital Access Bank plans to inject into NBK remains undisclosed. The potential for significant investment, given the sale proceeds of over $110 million, suggests that Access Bank is prepared to support NBK's turnaround and growth in the Kenyan market.
[1] KCB Group sells National Bank of Kenya to Access Bank (Standard Digital, 2025) [2] KCB Group’s Capital Adequacy Ratios Remain Strong Post-NBK Sale (Capital FM, 2025) [3] KCB injects Sh4bn into Tanzania unit (Business Daily Africa, 2025) [4] Access Bank Acquires Kenya's National Bank of Kenya from KCB Group (Reuters, 2025) [5] KCB Group sells National Bank of Kenya to Access Bank (Nation, 2025)
The acquisition of National Bank of Kenya (NBK) by Access Bank, a leading financial institution, will significantly increase Access Bank's presence in the Kenyan market and serve as the cornerstone of their East African strategy, boosting their corporate and retail offerings. With the sale proceeds of over $110 million, Access Bank is prepared to invest significantly in NBK to meet regulatory capital requirements, turnaround the bank's performance, and strengthen its position in the Kenyan business and finance industry.
