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Nigeria’s Access Bank Plc has acquired a 100 percent stake in the National Bank of Kenya (NBK), following approval from the Central Bank of Kenya.
This acquisition, finalised in April 2025, marks Access Bank’s second major foray into the Kenyan banking sector, having previously acquired Transnational Bank in 2020.
In 2022, Access Bank was also targeting the acquisition of 83.4% shareholding held by Centum in Sidian Bank Ltd.
However, the transaction did not go through due to the expiration of the transaction's completion timeline.
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The parties were unable to fulfill the necessary conditions within the stipulated period.
The NBK acquisition is part of Access Bank's broader vision to become Africa's gateway to the world, enhancing its footprint across the continent through strategic mergers and acquisitions
A Timeline of Access Bank's Strategic Acquisitions
Access Bank's journey from a local Nigerian bank to a formidable pan-African financial institution has been marked by a series of strategic acquisitions:
2005: Merged with Marina Bank and Capital Bank (formerly commercial bank Crédit Lyonnais Nigeria), strengthening its domestic presence.
2008: Expanded into Francophone Africa by acquiring Omnifinance Bank (Ivory Coast), Banque Privée du Congo (DRC), and Bancor SA (Rwanda).
2011: Acquired a 75% stake in Intercontinental Bank, positioning Access Bank among Nigeria's top lenders.
2018: Merged with Diamond Bank, adding approximately 29 million customers to its portfolio.
2020: Entered the Kenyan market by acquiring Transnational Bank, encompassing 28 branches nationwide.
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2021: Access Bank Plc announced a definitive agreement to acquire a 78.15% stake in African Banking Corporation of Botswana Limited (BancABC Botswana) from ABC Holdings Limited, a subsidiary of Atlas Mara Limited.
2023: Reached agreements to acquire Standard Chartered's operations in Angola, Cameroon, Gambia, Sierra Leone, and Tanzania.
2024: Acquired an 80% stake in Uganda's Finance Trust Bank and a majority stake in Mauritius-based AfrAsia Bank, bolstering its presence in East Africa and the Indian Ocean region.
2024: Announced the acquisition of South Africa's Bidvest Bank, pending regulatory approvals, marking a significant entry into Southern Africa.
The recent acquisition of NBK not only consolidates Access Bank's presence in Kenya but also aligns with its broader objective of facilitating intra-African trade and investment.
As the bank continues its expansion, stakeholders will be keenly observing how these strategic moves translate into sustainable growth and value creation.