The Central Bank of Kenya (CBK) and the National Treasury have approved the acquisition of KCB Group’s National Bank of Kenya (NBK) by Access Bank PLC.
- •In a gazette notice dated 11th April, CBK Governor Kamau Thugge said the apex bank had approved the deal in early April, while Treasury approved it on April 10th.
- •The approvals now set the stage for the acquisition of NBK and its subsequent merger with Access Bank’s existing subsidiary in Kenya.
- •In mid-March, reports indicated that the Central Bank of Nigeria had placed a condition for Access Bank, which is listed in its home market, to divest from its holdings in the Democratic Republic of Congo (DRC).
“As part of the transaction, CBK, on April 4 2025, further approved the transfer of certain assets and liabilities of National Bank of Kenya Limited to KCB Bank Kenya Limited,” CBK said in a statement on Monday.
KCB and Access Bank signed the share purchase in March 2024, setting the stage for the latter to acquire the struggling NBK at 1.25* of its book value.
Because the deal involved two listed multinational banking groups, regulatory approvals have taken more than a year and have included approvals from local and regional anti-trust agencies.
“The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the parties,” CBK added.
Kenya ‘s Competition Authority approved the deal on condition that Access Bank retain at least 80% of NBK’s staff post-merger.
After acquiring Transnational Bank to gain a foothold in Nairobi in 2019, Access Bank had tried to acquire Sidian Bank from Centum Investments, but the deal fell through.
This article has been updated on Monday, 14th April.