Access Bank has received regulatory approval for its $100 million acquisition of the National Bank of Kenya (NBK) from KCB Group, a move aimed at strengthening its presence in East Africa. The acquisition requires Access Bank to retain at least 80% of NBK’s workforce for one year after the merger, addressing public concerns about employment impacts.
Access Bank, founded in 1988 and led by Nigerian banker Aigboje Aig-Imoukhuede, is a key subsidiary of Access Holdings with operations across 22 markets, including sub-Saharan Africa, the UK, and Dubai. The bank serves 60 million customers through more than 700 branches.
As part of the acquisition, Access Bank will acquire 100% of NBK’s shares and merge it with its existing operations in Kenya, Access Bank (Kenya) Plc, creating a stronger entity in the Kenyan financial market. This regulatory approval follows an assessment by the Competition Authority of Kenya (CAK), which imposed conditions, including workforce retention, to protect public interest and employment stability.
NBK, a subsidiary of KCB Group Plc and listed on the Nairobi Securities Exchange, provides retail, corporate, and Islamic banking services through its 77 branches across 28 counties. The merger with NBK will allow Access Bank, which already has 23 branches across 12 counties, to expand its footprint in East Africa’s largest economy.
In addition to regional expansion, Access Bank is focused on digital lending, having disbursed N740 billion ($456.8 million) through its QuickBucks platform over the past seven years to enhance financial access for Nigerians. Access Bank has also been active in environmental sustainability, collaborating with stakeholders on climate change, air quality improvement, and energy resilience initiatives to support Nigeria’s economic growth