Nigeria’s Access Bank PLC, a subsidiary of Access Holdings, has obtained all necessary regulatory approvals to complete its full acquisition of Kenya’s National Bank of Kenya (NBK). The Central Bank of Kenya granted final clearance on April 4, followed by Kenya’s National Treasury on April 10, formally approving the takeover under the Banking Act.
The transaction involves Access Bank purchasing NBK’s entire shareholding from KCB Group PLC, which has owned the bank since 2019. As part of the deal, certain NBK assets and liabilities will be transferred to KCB Bank Kenya Limited before the acquisition is finalized.
Founded in 1968 as a government-owned lender, NBK was privatized and acquired by KCB Group five years ago. Access Bank’s takeover marks another milestone in its aggressive pan-African expansion, adding to its existing operations in over a dozen countries, including Ghana, Rwanda, and South Africa.
The Central Bank of Kenya endorsed the deal, stating it will enhance financial sector stability while safeguarding depositor interests. The acquisition strengthens Access Bank’s East African footprint as it competes with regional giants like Equity Bank and KCB Group in Kenya’s lucrative banking market.
