Access Bank Budgets US$109.6bn to Complete National Bank of Kenya Deal

Access Bank will pay KCB Group US$109.6 million (~KSh 14.16bn) to complete the acquisition of National Bank of Kenya (NBK) PLC, its Q2 report shows.

• Access Bank stated in March 2024 that it would buy National Bank of Kenya (NBK) from KCB Group for about $100 million, which is 1.25 times NBK’s book value. 

• Access Bank is Africa’s largest lender by customer base, serving over 60 million customers across 24 markets on three continents throughout more than 700 branches and service outlets. 

• Its operations span Nigeria, Ghana, Rwanda, Zambia, Mozambique, Botswana, and the DRC, and it has branches in the UK and UAE, as well as representative offices in China, Lebanon, India, Paris, and Hong Kong.

Access Bank already has a presence in Kenya after it acquired Transnational Bank. The Nigerian lender plans to integrate NBK gradually. It will align systems, harmonize products, and unify teams to enhance the customer experience.

With the acquisition of 100% of NBK, its second after acquiring and rebranding Transnational Bank, Access Bank strengthens its footprint in Kenya, and moves it to Tier II status. The deal had stalled after the Central Bank of Nigeria raised concerns about Access Bank’s exposure in other markets, particularly the DRC, where the bank’s subsidiary was not in compliance with local laws.

The deal is guaranteed by the African Export-Import Bank (Afreximbank) to a maximum guarantee amount of US$ 89.5 million.

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