Access Holdings Plc, the parent company of Access Bank, has disclosed the financial terms of its acquisition of the National Bank of Kenya (NBK), revealing a transaction value of approximately N179.1 billion (US$109.6 million).
The deal, which was first announced in May 2025, marks a significant step in the group’s strategic expansion across East Africa.
“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 (N179.1billion),” the Group said in its 2025 half-year financial statement.
Approvals remain conditional
The acquisition was finalized on May 30, 2025, following regulatory approvals in both Kenya and Nigeria. However, Access Holdings clarified in its 2025 half-year financial statement that these approvals remained conditional as of the reporting date.
“As at 30 June 2025, these conditions had not been fulfilled, and control of NBK had not yet transferred to the Group,” the statement read. “Consequently, the financial results of National Bank of Kenya have not been consolidated in these financial statements.”
To safeguard the seller’s right to payment while awaiting final regulatory clearance, Access Holdings, KCB Group Plc (the seller), and the African Export–Import Bank (AFREXIM) entered into a guarantee agreement. The agreement, effective May 30, 2025, secures a maximum guarantee amount of US$89.5 million (N142.3 billion).
Access Holding’s broader strategy
The acquisition of NBK is a cornerstone in Access Holding’s broader strategy to deepen its presence in East Africa. Kenya, as a regional financial hub, offers a strategic platform for expanding public sector, corporate, retail, and digital banking services.
“This transaction reflects our commitment to building a strong pan-African banking franchise,” Access Holdings stated. “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 underscores Access Holdings’ long-term vision of becoming Africa’s gateway to the world, leveraging cross-border synergies and digital innovation to drive inclusive financial growth across the continent.
What you should know
The transaction follows approval from the Central Bank of Kenya (CBK), granted on April 4, 2025, under Section 13(4) of the Banking Act, with additional approval from the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, pursuant to Section 9 of the same Act.
- As part of the acquisition, certain assets and liabilities of NBK were transferred to KCB Bank Kenya Limited, a subsidiary of KCB Group, ensuring a smooth transition and financial restructuring. Both CBK and the National Treasury have approved this transfer.
- The full completion of the transaction now marks the official integration of NBK into the Access Bank network, reinforcing the institution’s position in Kenya’s competitive banking sector.
