ABUJA, Nigeria (VOICE OF NAIJA)-Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has gotten approval from both the Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning to acquire a 100% shareholding in the National Bank of Kenya (NBK).
In a statement released Monday by the CBK, it was confirmed that Access Bank will be taking over NBK by purchasing its shares from KCB Group PLC, which has held full ownership of the bank since 2019.
The CBK approved 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 granted further approval on April 10, 2025, pursuant to “Section 9” of the same Act.
As part of the acquisition deal, certain assets and liabilities of NBK are set to be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group.
This transfer has also received the necessary approvals from both regulatory bodies.
The acquisition and asset transfer will be finalized upon the full completion of the transaction, in line with the agreement between Access Bank and KCB Group.
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Established in 1968, the National Bank of Kenya was originally created as a fully government-owned institution to expand credit access for Kenyans and promote indigenous economic participation in the post-independence period.
In 2019, KCB Group acquired NBK and has since operated it as a subsidiary, along with other financial services entities such as NBK Bancassurance Intermediary Limited.
In March 2024, Access Bank and KCB Group entered into a binding agreement for the acquisition of 100% shareholding in National Bank of Kenya Limited.
Access Bank PLC, now the full owner of NBK, is a member of Access Holdings PLC, a Nigeria-based financial conglomerate that has rapidly expanded its presence across Africa and other global markets in recent years.
The bank currently operates in more than a dozen African nations, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa.
It also maintains a presence in the UK and UAE, with representative offices in China, Lebanon, and India.
Through the acquisition of NBK, Access Bank strengthens its footprint in Kenya’s dynamic banking sector, enhancing its operations in the country and advancing its broader East African growth strategy.
The Central Bank of Kenya has endorsed the acquisition, highlighting its potential to bolster the resilience and stability of the local banking industry.
The regulator noted that the deal aligns with its mandate to promote a sound financial system, while safeguarding the interests of depositors and investors.