Access Bank has officially received all necessary regulatory approvals to complete the acquisition of 100 percent equity in the National Bank of Kenya Limited (NBK), a move that signals the Nigerian lender’s deepening interest in the East African banking industry.
The Central Bank of Kenya (CBK) confirmed the approval in a statement shared via its official X platform on Monday.
This milestone comes over a year after Access Bank initially disclosed its intention to acquire NBK from its parent company, KCB Group Plc. At the time, the bank said the deal would serve to “boost its presence in the East African market.”
According to the CBK’s statement, the green light for the acquisition was granted on April 4, 2025, under the framework of Section 13(4) of the Banking Act.
The apex bank added, “As part of the transaction, CBK, on April 4, 2025, further approved the transfer of certain assets and liabilities of National Bank of Kenya Limited to KCB Bank Kenya Limited pursuant to section 9 of the Banking Act.”
The regulatory body also noted that the National Treasury’s Cabinet Secretary gave his nod to the asset transfer on April 10, 2025, in line with the same section of the act.
“Additionally, the Cabinet Secretary for The National Treasury and Economic Planning, approved the transfer on April 10, 2025, pursuant to section 9 of the Banking Act,” the statement reads.
“The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the agreement between the parties.”
Tracing NBK’s history, the CBK explained that the bank was founded in 1968 as a state-owned institution to expand credit access and promote broader economic participation in Kenya following independence.
“In September 2019, KCB Group acquired full ownership of NBK, which operates NBK Bancassurance Intermediary Limited as its subsidiary,” the CBK added.
It further clarified that “KCB Bank is a wholly owned subsidiary of KCB Group Plc which is a Kenyan non-operating holding company that owns banking subsidiaries in the East African region; Uganda, Tanzania, Rwanda, Burundi, Ethiopia (representative office), South Sudan and the Democratic Republic of Congo.”
This acquisition marks Access Bank’s second major transaction in the Kenyan financial sector, following its purchase of Transnational Bank Ltd in 2019.
