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Access Bank is close to finalizing its acquisition of National Bank of Kenya (NBK) from KCB Group, marking a significant milestone in its pan-African expansion strategy.
The deal, valued at around $100 million, will give Access Bank a stronger foothold in Kenya, East Africa’s largest economy.
KCB Group CEO Paul Russo confirmed that the acquisition is in its final stages, with regulatory approvals from both sides nearing completion.
The deal has already received approval from Kenya’s Competition Authority (CAK), subject to certain conditions, including the retention of at least 80% of NBK’s workforce for one year.
The acquisition will expand Access Bank’s reach in Kenya, adding 77 branches to its existing 23 branches. Despite this growth, the merged entity will hold a modest 1.9% market share, which CAK says won’t impact competition in the market.
