The Central Bank of Kenya, in a statement released on Monday, April 14, 2025, confirmed its approval of the transaction on April 4, 2025. This authorization was granted under the stipulations of Section 13(4) of Kenya's Banking Act. Further endorsement followed on April 10, 2025, from the Cabinet Secretary for the National Treasury and Economic Planning, acting in accordance with Section 9 of the same Act.
As an integral part of the acquisition process, it has been agreed that certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a fully owned subsidiary of KCB Group. This transfer has also received the necessary approvals from both the CBK and the Cabinet Secretary.
The complete acquisition and the subsequent transfer of designated NBK assets and liabilities will officially take effect upon the full conclusion of the transaction, aligning with the terms established in the agreement between Access Bank and KCB Group.
Access Bank PLC, the new full owner of NBK, is a significant component of Access Holdings PLC, a prominent financial services conglomerate with its headquarters in Nigeria. Over recent years, Access Holdings has pursued an ambitious expansion strategy across the African continent and beyond. The group now boasts operations in over a dozen African nations, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa. Furthermore, it maintains a presence in the United Kingdom, the United Arab Emirates, and operates representative offices in China, Lebanon, and India.
The acquisition of NBK marks a significant step in Access Bank's East African expansion strategy and strengthens its foothold in Kenya's competitive banking sector, adding to its existing operations within the country.
The Central Bank of Kenya has expressed a positive outlook on the acquisition, highlighting its potential to bolster the resilience and overall stability of the Kenyan banking sector. The regulator emphasized that this transaction aligns with its broader mandate to foster a robust financial sector while safeguarding the interests of both depositors and investors.
The CBK's endorsement signals confidence in Access Bank's ability to ensure the continuity of services at NBK and to leverage the acquired bank's existing infrastructure and customer base to further advance digital and financial service offerings in Kenya.
The National Bank of Kenya, established in 1968, was initially founded as a fully government-owned institution with the primary objective of enhancing credit access for Kenyans and promoting indigenous economic empowerment in the post-independence era.
In September 2019, NBK was acquired by KCB Group, which has since operated it as a subsidiary alongside its other financial services ventures, including NBK Bancassurance Intermediary Limited. The binding agreement for Access Bank's 100% acquisition of National Bank of Kenya Limited was initially signed between Access Bank and KCB Group in March 2024, culminating in the approvals announced today.