In 2023, Access Bank failed to acquire Sidian Bank. However, their persistence in the Kenyan market paid off recently with the announced acquisition of the National Bank of Kenya (NBK) from the KCB Group.
This marks Access Bank’s second Kenyan bank acquisition in five years, following their 2019 purchase of Transnational Bank Limited.
KCB Group CEO, Paul Russo, expressed confidence in the deal, stating that Access Bank would acquire the entire stake, a move he believes will positively impact the future of the National Bank of Kenya.
He emphasized the commitment to ensuring a successful transaction, estimating a timeline of 6 to 9 months for its completion, and providing reassurance to the institution’s staff and stakeholders.
Access Bank’s CEO, Roosevelt Ogbonna, highlighted the importance of the acquisition in advancing the bank’s strategic objectives, particularly in expanding its presence in the Kenyan market and the East Africa region.