Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has received the green light from the Central Bank of Kenya (CBK) and Kenya’s National Treasury to acquire 100% ownership of the National Bank of Kenya (NBK).
In a statement released on Monday, the CBK confirmed that Access Bank would assume full ownership of NBK through the purchase of shares from KCB Group PLC, which has held the bank since 2019.
The CBK granted regulatory approval for the deal on April 4, 2025, in accordance with Section 13(4) of the Banking Act. The Cabinet Secretary for the National Treasury and Economic Planning subsequently approved the transaction on April 10, 2025, under Section 9 of the same Act.
As part of the acquisition process, selected 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 National Treasury have approved this transfer, which will be finalized upon completion of the transaction as outlined in the agreement between Access Bank and KCB Group.
Founded in 1968 as a fully state-owned institution, NBK was created to provide credit facilities to Kenyans and support local economic empowerment in the post-independence period. KCB Group acquired full ownership of the bank in 2019 and has operated it alongside its other subsidiaries, including NBK Bancassurance Intermediary Limited.
Access Bank and KCB Group signed a binding agreement for the acquisition in March 2024.
Now the full owner of NBK, Access Bank is part of Access Holdings PLC, a Nigerian financial services conglomerate that has expanded rapidly across Africa and other global markets. The bank currently 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.
The acquisition marks a significant step in Access Bank’s strategy to deepen its footprint in East Africa. It strengthens the bank’s position in Kenya’s dynamic financial sector and aligns with its broader ambition to become Africa’s gateway to the world.
Welcoming the acquisition, the Central Bank of Kenya highlighted the transaction’s potential to enhance the resilience, efficiency, and stability of Kenya’s banking industry. The CBK noted that the move supports its mandate to promote sound financial sector development while safeguarding the interests of depositors and investors.
