Access Bank to Pay $109.6 Million for Kenya’s National Bank in East Africa Expansion

Access Holdings, the parent company of Nigeria’s largest bank by assets, has agreed to pay $109.6 million (₦179.1 billion) to acquire National Bank of Kenya from KCB Group. The details come from Access’s financial statements for the second quarter of 2025.

The company received the completion documents from KCB Group on May 30, 2025. The takeover was first announced in March 2024 and finished in May. However, Access has not yet sent the full payment. The price matches earlier estimates of about $100 million. It is 1.25 times NBK’s book value of $79.77 million from 2023.

The African Export-Import Bank has provided a guarantee of up to $89.5 million (₦142.3 billion) to support the deal’s final steps.

The deal is borne out of Access’s desire to grow its presence in Kenya, East Africa’s biggest economy. With the bank already in operation in the country, NBK offers a wide network and clients linked to the government. This will help Access compete better in the region. Access Kenya reported a loss of $1.47 million in the first half of 2025. Its operating income was $3.33 million, but expenses reached $5.49 million. In contrast, Access’s Nigerian operations made a profit of $113.28 million in the same period.

In September, Access started combining operations with NBK. Customers from both banks can now use more than 100 shared branches for deposits, withdrawals, and account checks, making it the first big change since the acquisition.

The financial results of NBK are not yet included in Access’s group earnings. “Consequently, the financial results of National Bank of Kenya have not been consolidated in these financial statements,” Access stated in its Q2 report.

Access told reporters that the shared network makes banking easier and faster. Ralph Opara, country director for Access Kenya, said: “By opening our networks to each other’s customers, we are ensuring that banking is simpler, faster, and more accessible.”

Background on the Deal

Access Holdings has been expanding across Africa and beyond. It owns banks in countries like Zambia and the UK. This Kenyan acquisition fits that plan. It aims to use NBK’s strengths to cut costs and add customers in a competitive market.

KCB Group sold NBK to focus on its main business. The deal could help Access turn its Kenyan losses into profits through better services and scale. Founded in 1989, Access Bank now has more than ₦20 trillion in assets.