Starting next year, customers of Kenya Commercial Bank (KCB) will have access to services at National Bank of Kenya (NBK) branches, and conversely, NBK customers will also be able to access services at KCB branches. This announcement was made this week by KCB Group CEO Paul Russo.
Russo said following KCB’s acquisition of NBK in 2019, the banks are working towards streamlining their operations by eliminating overlaps. He mentioned that this integration is expected to be implemented by February of next year.
“January-February, KCB customers should be able to be served in an NBK branch and NBK customers in a KCB branch. That gives you an opportunity to optimize because you can then remove overlaps,” Russo said.
“One would ask, why are you running two branches in Wajir, but you need a technology capability. That is the direction you want to take.”
In April 2019, KCB Group offered to acquire the entire 100% shareholding of NBK through a share swap, involving 10 ordinary shares of NBK for every 1 ordinary share of KCB.
The Central Bank of Kenya (CBK) granted approval for the acquisition in September 2019, resulting in the creation of Kenya’s largest bank in terms of assets and market share.
Beyond Kenya, KCB operates regional units in Uganda, Tanzania, Rwanda, Burundi, Ethiopia, and South Sudan. Additionally, the bank possesses non-banking subsidiaries including KCB Bancassurance Intermediary, KCB Capital, and KCB Foundation.
