Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has secured final approval from Kenya’s key financial authorities to acquire 100 percent ownership of the National Bank of Kenya (NBK).
The Central Bank of Kenya (CBK) confirmed the approval in a statement released on Monday. According to the regulator, Access Bank will purchase all issued shares of NBK from KCB Group PLC.
The transaction was approved on April 4, 2025, under Section 13(4) of Kenya’s Banking Act. Further approval was granted by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, under Section 9 of the same Act.
KCB Group has held full ownership of NBK since 2019 following its acquisition and subsequent integration of the state-owned lender into its banking portfolio.
Under the terms of the new agreement, specific assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group.
This transfer has also received the necessary regulatory approvals and will be executed upon the successful completion of the deal.
With operations in more than a dozen African countries and international presence in the United Kingdom, United Arab Emirates, China, Lebanon and India, the bank continues to deepen its footprint in key African markets.
The acquisition of NBK represents a strategic move by Access Bank to strengthen its presence in the East African financial sector and scale its retail and corporate banking capabilities across Kenya.
The National Bank of Kenya was established in 1968 with a mandate to increase financial inclusion and support indigenous economic participation.
Since its acquisition by KCB Group in 2019, NBK has operated alongside other KCB subsidiaries, including NBK Bancassurance Intermediary Limited.
The CBK described the acquisition as a positive development for Kenya’s financial system. It stated that the move aligns with its objective of fostering a robust banking sector while protecting depositors and maintaining systemic stability.
Access Bank’s expansion comes at a time when competition in the East African banking industry is intensifying. The transaction provides the Nigerian lender with broader access to the Kenyan market and positions it to deliver enhanced financial services and innovation to retail and institutional customers.
Access Holdings continues to pursue an aggressive growth strategy across Africa, leveraging strategic acquisitions and partnerships to expand its market share and operational scale.
With regulatory approvals in place, both parties are expected to finalize the acquisition process in the coming weeks.
