Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has received the necessary approvals from the Central Bank of Kenya (CBK) and the National Treasury and Economic Planning of Kenya to acquire complete ownership of the National Bank of Kenya (NBK).
In a statement released by the CBK on Monday, it was announced that Access Bank will obtain NBK by purchasing its shares from KCB Group PLC, which has owned the bank entirely since 2019.
The CBK granted its approval for this transaction on April 4, 2025, in accordance with Section 13(4) of the Banking Act. Subsequently, the Cabinet Secretary for the National Treasury and Economic Planning provided further approval on April 10, 2025, as stipulated in Section 9 of the same Act.
Naija News understands that as part of the acquisition, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a fully owned subsidiary of KCB Group. This transfer has also received approval from both the CBK and the Cabinet Secretary.
The acquisition and the transfer of NBK’s assets and liabilities will be implemented upon the successful completion of the transaction, as per the agreement between Access Bank and KCB Group.
Established in 1968, the National Bank of Kenya was originally formed as a wholly government-owned entity with the objective of facilitating credit access for Kenyans and fostering local economic empowerment in the post-independence period.
In September 2019, KCB Group acquired NBK, which has since been managed as a subsidiary alongside other financial service entities, including NBK Bancassurance Intermediary Limited.
In March 2024, Access Bank and KCB Group entered into a binding agreement to acquire complete ownership of National Bank of Kenya Limited.
Access Bank PLC, now the sole owner of NBK, is part of Access Holdings PLC, a financial conglomerate based in Nigeria. The group has made significant strides in expanding its presence across Africa and beyond in recent years.
Currently, the bank operates in more than a dozen African nations, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa, and has established a presence in the UK, UAE, as well as representative offices in China, Lebanon, and India.
With the acquisition of NBK, Access Bank enhances its standing in Kenya’s competitive banking sector, complementing its existing operations in the country and bolstering its strategy for expansion in East Africa.
The Central Bank of Kenya has expressed support for the acquisition, highlighting its potential to improve the resilience and stability of the Kenyan banking industry.
The regulator noted that this transaction is in line with its overarching goal of fostering sound financial sector development while safeguarding the interests of depositors and investors.
