Access Bank expands East African footprint with $109.6m NBK takeover
Access Holdings Plc, the parent company of Access Bank, has announced that its acquisition of the National Bank of Kenya is valued at approximately ₦179.1 billion (US$109.6 million). The transaction, first announced in May 2025, marks a significant milestone in the group's strategic efforts to expand its presence in East Africa.According to the group's 2025 half-year financial statement, the acquisition was completed on May 30, 2025, following regulatory approvals in Kenya and Nigeria. However, the approvals were conditional as of the reporting date, and control of NBK had not yet transferred to the group.
To protect the seller's payment rights pending final regulatory clearance, Access Holdings, KCB Group Plc, and the African Export-Import Bank signed a guarantee agreement effective May 30, 2025, providing a maximum guarantee of US$89.5 million (₦142.3 billion).
The acquisition is a key component of Access Holdings' broader strategy to strengthen its presence in East Africa, leveraging Kenya as a regional financial hub to expand its public sector, corporate, retail, and digital banking operations.
"This transaction reflects our commitment to building a strong pan-African banking franchise," Access Holdings stated, aiming to create a more innovative and efficient banking ecosystem in Kenya by combining NBK's local expertise with Access Bank's global network.
The deal received approval from the Central Bank of Kenya and the Cabinet Secretary for the National Treasury and Economic Planning, reinforcing Access Holdings' long-term ambition to position itself as Africa's gateway to the world, driving inclusive financial growth across the continent.
Leave A Comment