Access Holdings Secures Regulatory Nod for ₦179 Billion NBK Deal

Access Holdings Plc, the parent company of Access Bank, has disclosed that it spent approximately ₦179.1 billion ($109.6 million) to acquire the National Bank of Kenya (NBK), marking a major milestone in its expansion across East Africa.

The transaction, first announced in May 2025, was finalized on May 30, 2025, following regulatory approvals in both Nigeria and Kenya. However, the group noted that these approvals remain subject to final conditions, and the financial results of NBK had not yet been consolidated as of June 30, 2025.

“To safeguard the seller’s right to payment pending the fulfillment of final conditions, Access Holdings, KCB Group Plc, and the African Export–Import Bank (Afreximbank) signed a guarantee agreement effective May 30, 2025, covering up to $89.5 million (₦142.3 billion),” the company stated.

Access Holdings emphasized that the acquisition forms part of its strategic plan to strengthen its presence in East Africa. It said the deal would enable the group to leverage NBK’s local expertise alongside Access Bank’s global network to enhance retail, corporate, and digital banking services.

“This transaction reaffirms our commitment to building a robust pan-African banking franchise,” the group added, describing Kenya as a key financial hub for regional expansion.

The Central Bank of Kenya granted approval under Section 13(4) of the Banking Act on April 4, 2025, while the National Treasury followed with consent on April 10, 2025. Certain NBK assets and liabilities were subsequently transferred to KCB Bank Kenya Limited to ensure a seamless restructuring process.

With the completion of the transaction, NBK is now officially integrated into the Access Bank network, further consolidating the group’s growing footprint in Africa’s competitive banking landscape.