Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has received the green light from both the Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning to acquire full ownership of the National Bank of Kenya (NBK).
In a statement released Monday, the CBK confirmed that Access Bank will purchase 100% of NBK’s shares from KCB Group PLC, which has held complete ownership of the institution since 2019. The approval by Kenya’s apex bank was granted on April 4, 2025, under Section 13(4) of the Banking Act. Further endorsement came on April 10, 2025, from the Cabinet Secretary for the National Treasury and Economic Planning, in accordance with Section 9 of the same Act.
As part of the acquisition, specific 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 endorsed this transfer, which will be finalized upon the successful completion of the transaction as outlined in the agreement between Access Bank and KCB Group.
The National Bank of Kenya was established in 1968 as a state-owned bank with a mandate to increase credit access for Kenyan citizens and support indigenous economic empowerment in the years following independence. In 2019, KCB Group acquired NBK and integrated it into its portfolio, operating it alongside its other financial services arms, including NBK Bancassurance Intermediary Limited.
Access Bank and KCB Group signed a binding agreement for the acquisition in March 2024. With the transaction now approved, Access Bank assumes full control of NBK, further cementing its presence in the East African financial sector.
Access Bank PLC is part of the larger Access Holdings PLC, a Nigerian financial powerhouse that has rapidly expanded its footprint across Africa and other global markets. The group currently operates in more than a dozen African countries—Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa among them—and maintains international offices in the United Kingdom, United Arab Emirates, China, Lebanon, and India.
By acquiring NBK, Access Bank significantly strengthens its operations in Kenya and enhances its East African growth strategy, positioning itself as a major player in the region’s competitive banking landscape.
The Central Bank of Kenya welcomed the move, highlighting the acquisition as a positive step toward reinforcing the resilience and stability of the nation’s banking sector. The regulator added that the transaction is in line with its commitment to fostering a robust financial system while safeguarding the interests of both depositors and investors.
