Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has secured approvals from the Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning for the acquisition of 100% shareholding of the National Bank of Kenya (NBK).
Access Bank is acquiring NBK through the purchase of NBK shares from KCB Group PLC, which had held full ownership of the bank since 2019.
According to a statement issued by the CBK on Monday, April 14, 2025, the apex bank granted its approval for the transaction on April 4, 2025, under Section 13(4) of the Banking Act, while the Cabinet Secretary for the National Treasury and Economic Planning gave additional approval on April 10, 2025, pursuant to Section 9 of the same Act.
Assets transfer
As part of the acquisition process, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. Both the CBK and the Cabinet Secretary have approved this transfer.
The acquisition and transfer of NBK assets and liabilities will take effect upon the full completion of the transaction, in line with the agreement between Access Bank and KCB Group.
- Access Bank PLC, which now owns NBK in full, is part of Access Holdings PLC, a financial conglomerate headquartered in Nigeria. The group has aggressively expanded its footprint across Africa and beyond in recent years.
- The bank now operates in over a dozen African countries, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa, and maintains a presence in the UK, UAE, and representative offices in China, Lebanon, and India.
- With the acquisition of NBK, Access Bank strengthens its position in Kenya’s competitive banking landscape, adding to its operations in the country and reinforcing its East African expansion strategy.
Transaction to enhance sector stability
The Central Bank of Kenya has welcomed the acquisition, citing its potential to enhance the resilience and stability of the Kenyan banking sector.
The regulator emphasized that the transaction aligns with its broader mandate to support sound financial sector development while protecting the interests of depositors and investors.
CBK’s endorsement suggests confidence in Access Bank’s capacity to maintain continuity of services at NBK and leverage the bank’s infrastructure and customer base to further develop digital and financial services in Kenya.
What you should know
Founded in 1968, the National Bank of Kenya was initially created as a fully government-owned institution aimed at providing credit access to Kenyans and promoting indigenous economic control in the post-independence era.
- In September 2019, NBK was acquired by KCB Group, which has since operated it as a subsidiary, alongside other financial services businesses like NBK Bancassurance Intermediary Limited.
- Access Bank and KCB Group had signed a binding agreement to acquire 100% shareholding in National Bank of Kenya Limited in March 2024.
