Access Bank and KCB Group first signed a binding agreement for the acquisition in March 2024. Now finalized, the deal strengthens Access Bank’s foothold in Kenya’s financial sector, positioning it more competitively in the East African region.
Lagos, Nigeria – Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has secured the necessary regulatory approvals to acquire full ownership of the National Bank of Kenya (NBK). The Central Bank of Kenya (CBK) and the country’s National Treasury have both endorsed the acquisition, clearing the path for Access Bank to take over the Kenyan lender from KCB Group PLC.
The CBK, in a statement released on Monday, April 14, 2025, confirmed that it approved the transaction on April 4 under Section 13(4) of the Banking Act. Further approval came from the Cabinet Secretary for the National Treasury and Economic Planning on April 10, in line with Section 9 of the same Act.
As part of the acquisition arrangement, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, another subsidiary under KCB Group. This transfer has also received the green light from both the central bank and the Treasury Cabinet Secretary. The actual implementation of the acquisition and asset transfer will be completed once all agreed conditions between Access Bank and KCB Group are fulfilled.
Founded in 1968, the National Bank of Kenya was originally established as a fully government-owned financial institution aimed at facilitating access to credit and promoting indigenous economic control in the post-independence period. In 2019, NBK became a part of KCB Group, which operated it alongside other entities such as NBK Bancassurance Intermediary Limited.
Access Bank and KCB Group first signed a binding agreement for the acquisition in March 2024. Now finalized, the deal strengthens Access Bank’s foothold in Kenya’s financial sector, positioning it more competitively in the East African region.
The CBK welcomed the transaction, describing it as one that is likely to boost the resilience and stability of the banking sector in Kenya. The regulator noted that the acquisition is consistent with its mandate to foster a sound financial system and safeguard the interests of depositors and investors alike.
Access Bank PLC, now the full owner of NBK, is part of Access Holdings PLC—an expansive financial conglomerate based in Nigeria. Over recent years, the group has significantly widened its African and global presence, operating in more than a dozen African nations including Ghana, Rwanda, Zambia, Mozambique, and South Africa, as well as maintaining a presence in the UK, UAE, and representative offices in China, Lebanon, and India.
The acquisition is a strategic move for Access Bank as it continues to scale its operations in East Africa. It not only enhances the bank’s position within Kenya but also supports its broader ambition of being a pan-African banking powerhouse with a strong digital and financial services offering.
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