Access Bank Group is set to acquire the National Bank of Kenya (NBK) for USD 109.6 million (KSh 14.2 billion), according to its half-year financial statements for the period ended 30 June 2025.
However, the transaction remains incomplete pending one final regulatory approval.
“On 30 May 2025, the Group announced the completion of its acquisition of the entire issued share capital of National Bank of Kenya (‘NBK’) from KCB Group Plc following the receipt of regulatory approvals in Kenya and Nigeria,” Access Bank stated in its filings. “However, these approvals remained conditional as at reporting date. The transaction remains subject to the receipt of unconditional regulatory approvals, which represents the final requirement for satisfying the closing conditions.”
Guarantee Secured, But Control Still Pending
As part of the completion process, Access Bank confirmed receipt of the signed documents from KCB Group on 30 May 2025 for a total estimated consideration of USD 109.6 million (N179.1 billion).
To safeguard the seller’s right to payment while awaiting regulatory clearance, a guarantee agreement was executed with Afreximbank for up to USD 89.5 million (KSh 11.6 billion).
“To secure the Seller’s right to receive payment pending satisfaction of the regulatory conditions, the Group, the Seller, and African Export–Import Bank (‘AFREXIM’ or ‘the Guarantor’) entered into a guarantee agreement… effective 30 May 2025,” the statement reads.
NBK Remains Independent Until Final Clearance
Despite the public announcement of deal completion on 30 May, Access Bank clarified that “as at 30 June 2025, these conditions had not been fulfilled, and control of NBK had not yet transferred to the Group.” As a result, NBK’s financial results were not consolidated in Access Bank’s accounts.
Until the final regulatory condition is satisfied, NBK continues to operate independently from Access Bank Kenya.
Full integration will proceed only after formal clearance, marking Access Bank’s strategic expansion into the East African banking market.
Access Bank Kenya and NBK Complete Integration, Roll Out Unified Branch Network Nationwide
