Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has successfully obtained approvals from the Central Bank of Kenya (CBK) and Kenya’s National Treasury for its acquisition of 100% shareholding in the National Bank of Kenya (NBK).
Thank you for reading this post, don't forget to subscribe!The approval from CBK was granted on April 4, 2025, under Section 13(4) of the Banking Act, while the Cabinet Secretary for the National Treasury and Economic Planning issued additional approval on April 10, 2025, under Section 9 of the same Act. The deal involves Access Bank purchasing NBK’s shares from KCB Group PLC, which has owned the bank since 2019.
As part of the transaction, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. This transfer has also been approved by both CBK and the Cabinet Secretary, and will take effect upon the full completion of the deal.
Founded in 1968, NBK was initially government-owned before being acquired by KCB Group in 2019. With this acquisition, Access Bank strengthens its footprint in Kenya, a key part of its broader East African expansion strategy. Access Bank is now fully acquiring NBK as part of a binding agreement signed between Access Bank and KCB Group in March 2024.
Access Bank, which operates in over a dozen African countries, along with the UK, UAE, and representative offices in China, Lebanon, and India, continues to expand its presence on the continent and globally. The acquisition of NBK aligns with Access Bank’s strategic goals to grow its market share in Kenya and enhance its regional stability.
The CBK has welcomed the acquisition, noting that it will enhance the resilience and stability of Kenya’s banking sector, aligning with the regulator’s mission to foster sound financial sector development.
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