Access Bank Acquires National Bank of Kenya from KCB Group

Nigeria’s leading Money Deposit Bank, Access Bank PLC has officially acquired 100 per cent of the shareholding in National Bank of Kenya Limited (NBK) from KCB Group PLC.

The Central Bank of Kenya (CBK) announced this on Monday.

The transaction received CBK’s approval on April 4, 2025, under Section 13(4) of the Banking Act, and was subsequently greenlit by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, pursuant to Section 9 of the same Act.

“This follows CBK’s approval on April 4, 2025, and approval by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025,” the regulator said in a statement.

As part of the acquisition, CBK also approved the transfer of specific assets and liabilities from NBK to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. The Cabinet Secretary similarly approved this transfer on the same date.

“The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the parties,” the statement added.

NBK was founded in 1968 as a government-owned institution to help Kenyans access credit and participate in the economy post-independence. KCB Group took full ownership of NBK in 2019, integrating it as a subsidiary with its insurance arm, NBK Bancassurance Intermediary Limited.

Access Bank PLC, the new owner, is a Nigerian-based financial institution and a wholly owned subsidiary of Access Holdings PLC.

It has a growing footprint across Africa, including subsidiaries in 13 countries such as Ghana, Rwanda, and South Africa, as well as international operations in the UK, UAE, China, Lebanon, and India.

CBK expressed confidence in the acquisition’s impact on the financial sector.

“CBK welcomes this transaction as it will ensure continued stability and enhance the resilience of the Kenyan banking sector,” it stated.