Access Bank Seals $100M NBK Deal as KCB Safeguards Loan Portfolio

Access Bank Plc has finalized the acquisition of the National Bank of Kenya (NBK), a deal estimated at $100 million that marks a significant step in the Nigerian lender’s East African expansion. Despite the takeover, Kenya’s KCB Group has confirmed that it will retain some of NBK’s customers, assets, and liabilities, particularly those tied to existing loans and collateral within its system.

KCB Group CEO Paul Russo explained that clients with dual relationships between the two banks were assessed during the period of KCB’s oversight of NBK, which began in 2019. He said the group opted to retain high-performing clients and exposures to maintain loan security and stability.

While the exact value of the retained portfolio was not disclosed, KCB emphasized that the decision has freed up additional capital. The board has recommended an interim and special dividend of $0.031 per share, scheduled for payout in November 2025.

NBK reported total assets of $1.1 billion and customer deposits of $808.4 million as of March 2025, underscoring its value within the Kenyan financial system. For Access Bank, the acquisition expands its branch footprint in Kenya from 22 to 85, giving it a much stronger presence in one of East Africa’s most competitive banking markets.

The deal, which received approvals from the Central Bank of Kenya and the country’s finance ministry earlier this year, is part of Access Bank’s plan to make Kenya the hub of its East African operations. The lender, however, will need to inject fresh capital into NBK to strengthen its financial position and align it with regulatory requirements after years of underperformance.