Access Bank (Kenya) Plc has received the necessary approvals to finalize its acquisition of the National Bank of Kenya (NBK).
The Central Bank of Kenya (CBK) Governor Dr. Kamau Thugge confirmed that National Treasury Cabinet Secretary John Mbadi approved the transaction as per gazette notice number 4667, dated April 11, 2025.
This CBK approval grants Access Bank the authority to acquire 100% of NBK’s shareholding, which was previously held by the Kenya Commercial Bank (KCB) Group Plc. The acquisition encompasses NBK’s insurance subsidiary, NBK Bancassurance Intermediary Limited.
According to the CBK, the National Treasury Cabinet Secretary (CS) John Mbadi granted approval under Section 9(1) of the Banking Act on April 10, 2025, while the central bank itself had approved the transaction on April 4, 2025, under Section 13(4) of the same Act. The transaction is slated for presentation at Access Bank’s upcoming Annual General Meeting.
The CBK notice stated, “It is notified for the information of the general public that pursuant to the provisions of Section 9(5) of the Banking Act, the Board of Directors of KCB Group PLC, through a resolution passed on March 20, 2024, approved the acquisition of 100 per cent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC as per the Share Purchase Agreement dated March 20, 2024. The transaction will be tabled at the next Annual General Meeting of shareholders.”
The Competition Authority of Kenya (CAK) approved the acquisition in October 2024, concluding that it would not negatively impact market competition.
To safeguard jobs, the CAK imposed conditions requiring Access Bank to retain at least 80% of NBK’s existing workforce for a minimum of one year following the acquisition.
The CAK statement further specified, “The transaction has been approved on condition that Access Bank Plc retains, for one (1) year following completion of the transaction, at least 80% of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary.”
Background Information on the Banks
Access Bank is a prominent commercial bank listed on the Nigerian Stock Exchange with operations in Kenya through its subsidiary, Access Bank (Kenya) Plc, which directly competes with the National Bank of Kenya (NBK). Access Bank maintains a significant branch network across Africa and has a presence outside the continent.
Conversely, NBK has been a wholly owned subsidiary of KCB Group Plc since 2019. KCB Group is publicly traded on the Nairobi Securities Exchange and is cross-listed in Tanzania, Uganda, and Rwanda.
The acquisition of NBK is a strategic move for Access Bank to expand its reach within the East African market.
Access Bank’s Broader Expansion Strategy
In related news, Access Holdings Plc recently announced a binding agreement to acquire South Africa’s Bidvest Bank. This development was disclosed in a statement filed with the Nigerian Exchange (NGX) by Access Holdings’ secretary, Sunday Ekwochi.
The acquisition is anticipated to be finalized in the latter half of 2025, subject to regulatory approvals.
Upon completion, Bidvest Bank will be integrated with Access Bank’s existing South African subsidiary.
