Access Holdings Plc, the parent company of Access Bank, has revealed that its acquisition of the National Bank of Kenya is valued at about ₦179.1 billion (US$109.6 million).

First announced in May 2025, the transaction represents a major milestone in the group’s strategic drive to deepen its presence across East Africa.

“As part of the completion process, the Group received the completion documents from the Seller (KCB Group) on 30 May 2025 for a total estimated consideration of USD109.6 million (N179.1billion),” the Group said in its 2025 half-year financial statement.

The acquisition was completed on May 30, 2025, after receiving regulatory approvals in both Kenya and Nigeria. However, Access Holdings noted in its 2025 half-year financial report that the approvals were still conditional as of the reporting date.

“As at 30 June 2025, these conditions had not been fulfilled, and control of NBK had not yet transferred to the Group,” the statement read. “Consequently, the financial results of National Bank of Kenya have not been consolidated in these financial statements.”

To protect the seller’s payment rights pending final regulatory clearance, Access Holdings, KCB Group Plc (the seller), and the African Export–Import Bank signed a guarantee agreement effective May 30, 2025. The arrangement provides a maximum guarantee of US$89.5 million (₦142.3 billion).

The acquisition of NBK represents a key pillar in Access Holdings’ broader strategy to strengthen its footprint across East Africa. With Kenya serving as a regional financial hub, the deal positions the group to expand its public sector, corporate, retail, and digital banking operations in the region.

“This transaction reflects our commitment to building a strong pan-African banking franchise,” Access Holdings stated. “By combining NBK’s local expertise with Access Bank’s global network, we aim to create a more innovative and efficient banking ecosystem in Kenya.”

The transaction reinforces Access Holdings’ long-term ambition to position itself as Africa’s gateway to the world, harnessing cross-border synergies and digital innovation to foster inclusive financial growth across the continent.

The deal received approval from the Central Bank of Kenya on April 4, 2025, under Section 13(4) of the Banking Act, followed by additional approval from the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, pursuant to Section 9 of the same Act.