Access Holdings’ Banking Subsidiary Receives Approval for National Bank of Kenya Acquisition

Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has received regulatory clearance from Kenyan authorities to acquire the National Bank of Kenya (NBK).

The Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning have both approved the transaction.

According to an official announcement released by the CBK on Monday, Access Bank will acquire NBK through purchasing all shares currently held by KCB Group PLC, which has owned NBK since 2019.

Regulatory approval came in two stages: the CBK granted permission on April 4, 2025, per Section 13(4) of the Banking Act, followed by the Cabinet Secretary for the National Treasury and Economic Planning’s authorization on April 10, 2025, under Section 9 of the same legislation.

The deal structure includes transferring specific NBK assets and liabilities to KCB Bank Kenya Limited (KCB Group’s fully-owned subsidiary). Both regulatory bodies have endorsed this transfer arrangement.

The complete implementation of the acquisition and asset transfer will occur once all transaction requirements are fulfilled, as specified in the agreement between Access Bank and KCB Group.

NBK was established in 1968 as a government-owned financial institution with the mission of expanding credit availability to Kenyan citizens and supporting indigenous economic development following independence.

KCB Group acquired NBK in September 2019 and has operated it as a subsidiary alongside other financial services entities, including NBK Bancassurance Intermediary Limited.

The acquisition stems from a binding agreement signed between Access Bank and KCB Group in March 2024 for the complete purchase of NBK’s shareholding.

Access Bank PLC, now NBK’s new owner, operates under the Access Holdings PLC umbrella, a Nigerian financial services group that has pursued significant continental expansion. The banking group now maintains operations in numerous African markets, including Ghana, Rwanda, Mozambique, Zambia, South Africa, and Kenya, while also establishing an international presence with operations in the United Kingdom, United Arab Emirates, and representative offices across China, Lebanon, and India.

This acquisition enhances Access Bank’s market position in Kenya’s banking sector, complementing its existing operations and advancing its strategic expansion across East Africa.

The CBK has expressed support for the acquisition, noting its potential contribution to strengthening Kenya’s banking sector stability and resilience. The regulatory body emphasized that the transaction supports its broader objectives of fostering sound financial sector development while safeguarding depositor and investor interests.