Access Bank gets approval to acquire National Bank of Kenya
Access Bank has received final regulatory approvals to acquire 100 percent of National Bank of Kenya Limited (NBK) from KCB Group Plc.
The Central Bank of Kenya (CBK) made the announcement in a statement posted on its X page on Monday.
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The development comes more than one year after Access Bank announced an agreement to acquire NBK from KCB Group Plc.
Access had said the acquisition would boost its presence in the East African market.
In the statement, Kenya’s apex bank approved the transaction on April 4, in accordance with Section 13(4) of the Banking Act.
“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 statement said.
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“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 acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the agreement between the parties.”
CBK said the NBK was incorporated in 1968 as a wholly owned government entity to support access to credit and promote economic participation for Kenyans post-independence.
“In September 2019, KCB Group acquired full ownership of NBK, which operates NBK Bancassurance Intermediary Limited as its subsidiary,” the apex bank said.
“KCB Bank is a wholly owned subsidiary of KCB Group Ple 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.”
The NBK deal is the second acquisition in Kenya for Access Bank after it acquired the Transnational Bank Ltd in 2019.
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