National Bank Of Kenya Has Been Sold

What started as a rumor on Wednesday morning has now been confirmed that KCB Group has sold the National Bank of Kenya to a Nigerian-based Access Bank. KCB Group bought National Bank which had many government shares 5 years ago.

On Wednesday morning, National Bank released a statement downplaying reports in a section of the media that it was being sold, calling on customers to “remain calm” and continue following their “official social media channels” for more “official updates.”

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Here is the National Bank Statement:

A few hours later, KCB Group came out and confirmed that it was indeed selling 100 percent of its shares in National Bank to Access Bank. This will be its second acquisition of a Kenyan bank in under five years. The acquisition comes after a move to acquire Sidian Bank fell through in 2023.

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KCB Group’s CEO Paul Russo said Access Bank will buy out the entire stake in a deal he termed good for the future of NBK. “We kick off the hard work to make sure the transaction is successful. It will take 6 to 9 months to close it out and cross the line but we give a predictable future about the institution and particularly our staff,” Russo announced.

Here is a statement from KCB Group:

“The transaction represents an important milestone for the bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market,” said Access CEO Roosevelt Ogbonna.

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