Access Bank. Photo | courtesy.
Nigeria’s Access Bank PLC has acquired 100 percent shareholding of National Bank of Kenya Limited (NBK) from KCB Group PLC.
The transaction received all necessary regulatory approvals earlier this month.
In a statement released on Monday, the Central Bank of Kenya (CBK) confirmed it had approved the acquisition on April 4, 2025, under Section 13(4) of the Banking Act.
The transaction was also greenlit by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025.
“As part of the transaction, CBK further approved the transfer of certain assets and liabilities of National Bank of Kenya Limited to KCB Bank Kenya Limited,” said CBK.
The acquisition will be finalized upon completion of all transactional procedures outlined in the agreement between Access Bank and KCB Group.
Founded in 1968 as a fully government owned bank, NBK was initially created to help Kenyans access credit and take greater control of the post-independence economy.
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KCB Group later acquired the bank in September 2019, making it a full subsidiary. Access Bank PLC is a subsidiary of Access Holdings PLC, with an expansive footprint across Africa and beyond.
The bank operates in over a dozen countries including Kenya, Ghana, Rwanda, Mozambique, and the United Kingdom.
It also maintains representative offices in China, Lebanon, and India, and has a branch in the United Arab Emirates.
KCB Group, on the other hand, is a Kenyan-based holding company with subsidiaries across East Africa. The Central Bank emphasized the transaction’s significance for the country’s financial system.
“CBK welcomes this transaction as it will ensure continued stability and enhance the resilience of the Kenyan banking sector,” CBK noted.
