Aigboje Aig-imoukhuede-led Access Holdings Seals Kenyan Bank Acquisition

Access Holdings, under Aigboje Aig-Imoukhuede, secured the final regulatory nod in the National Bank of Kenyas acquisition, fueling East Africas banking expansion.

The deal adds NBKs 77 branches to Access Bank Kenyas existing 23, marking a strategic boost in footprint and strengthening competition in Kenyas banking sector.

The acquisition, supported by employment safeguards, cements Access Holdings commitment to pan-African expansion through strategic market bridging.

Access Bank Plc, the flagship banking subsidiary of Nigerian financial giant Access Holdings, chaired by seasoned banker Aigboje Aig-Imoukhuede, has secured final regulatory approval for its acquisition of National Bank of Kenya NBK from KCB Group.

The Central Bank of Kenya CBK signed off on the deal after a series of regulatory clearances, marking a significant milestone in Access Holdings pan-African expansion drive and strengthening Access Banks push into Kenyas highly competitive banking market.

The transaction, which had been under review for months , strengthens Access Banks footprint in East Africa, adding NBKs 77 branches across 28 Kenyan counties to Access Bank Kenyas existing network of 23 branches in 12 counties. The acquisition also comes with employment safeguards, as Access must retain at least 80 percent of NBKs 1,384 staff and all 316 employees at Access Bank Kenya for at least one year.

Despite the larger physical footprint, the combined entity will remain a Tier 2 player in Kenyas banking landscape, with a 1.9 percent market share trailing the countrys top lenders, including Equity Bank, Co-operative Bank, and Standard Chartered Kenya.

The deal, which also won approval from Kenyas Competition Authority in October 2024 and the Central Bank of Nigeria, was further backed by Kenyas National Treasury and Economic Planning Cabinet Secretary, ensuring smooth execution under the countrys Banking Act.