Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has received full regulatory approval to acquire 100% shareholding in the National Bank of Kenya (NBK), marking a major step in the bank’s ongoing expansion across East Africa.
The acquisition, officially confirmed on Monday, April 14, 2025, follows approvals from both the Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning. According to the CBK, the apex bank granted approval on April 4, 2025, under Section 13(4) of the Banking Act, with the National Treasury’s approval coming shortly after on April 10, 2025.
Access Bank is executing the acquisition through the purchase of NBK shares from KCB Group PLC, which has owned the bank since 2019. As part of the transaction, certain NBK assets and liabilities will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. Both the CBK and the Cabinet Secretary have approved the asset transfer.
Once the transaction is fully completed, Access Bank will assume full ownership and control of NBK, further solidifying its presence in Kenya’s banking industry. The move aligns with the Nigerian banking giant’s strategic objective to deepen its footprint across the continent.
In a statement, the CBK welcomed the acquisition, noting it is expected to enhance the resilience and stability of Kenya’s financial sector. The regulator said the deal reflects its commitment to fostering a sound banking system that protects depositors and investors while encouraging growth and innovation.
Access Bank, a leading member of Access Holdings, is already present in over a dozen African countries, including Ghana, Rwanda, Mozambique, Zambia, and South Africa. Beyond Africa, the bank operates in the UK, UAE, and maintains representative offices in China, Lebanon, and India.
The acquisition of NBK, which was originally founded in 1968 as a state-owned lender to empower Kenyan nationals economically after independence, signals a new chapter for the historic institution. It also underscores Access Bank’s aggressive expansion strategy and growing influence within Africa’s banking landscape.
Access Bank and KCB Group first signed a binding agreement for the acquisition in March 2024. With the transaction nearing completion, industry observers expect further integration efforts aimed at leveraging NBK’s infrastructure, workforce, and customer base to drive innovation and financial inclusion across Kenya.
