Access Bank finalizes acquisition of National Bank of Kenya, expanding East African presence

Access Bank PLC, a leading Nigerian financial institution and subsidiary of Access Holdings PLC, has received the green light from Kenyan regulators to acquire the National Bank of Kenya (NBK) in a landmark deal that underscores its ambitious African expansion strategy.

The Central Bank of Kenya (CBK) and the country’s National Treasury have both granted final approvals for Access Bank to purchase 100% of NBK’s shares from KCB Group PLC, which has owned the bank since 2019. The regulatory nods were given earlier this month, paving the way for Access Bank to take full control of one of Kenya’s oldest financial institutions.

As part of the transaction, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. Both the CBK and the Cabinet Secretary for the National Treasury have approved this transfer, ensuring a smooth transition for customers and stakeholders.

Founded in 1968, the National Bank of Kenya was established as a government-owned bank to provide credit access and promote economic empowerment for Kenyans in the post-independence era. In 2019, KCB Group acquired NBK, operating it as a subsidiary alongside other financial services businesses.

With this acquisition, Access Bank strengthens its footprint in Kenya’s competitive banking sector, adding to its existing operations in the country and reinforcing its commitment to the East African market. The bank now operates in over a dozen African countries, including Ghana, Rwanda, Mozambique, Zambia, and South Africa, and maintains a presence in the UK, UAE, and representative offices in China, Lebanon, and India.

The Central Bank of Kenya has welcomed the deal, highlighting its potential to enhance the stability and resilience of the country’s banking sector. The regulator expressed confidence in Access Bank’s ability to maintain continuity of services at NBK and to leverage the bank’s infrastructure and customer base to further develop digital and financial services in Kenya.