Access Bank PLC receives Kenyan Central Bank approval to acquire National Bank of Kenya Ltd

The Central Bank of Kenya (CBK) has granted regulatory approval for Access Bank PLC to acquire 100 percent of the shareholding of National Bank of Kenya Limited (NBK) from KCB Group PLC, a Kenyan non-operating holding company. NBK as a subsidiary of KCB Group, has a subsidiary namely, NBK Bancassurance Intermediary Limited— which will also be acquired by Acces Bank as part of the transaction.

COMESA Competition Commission had approved the acquisition in August 2024, concluding that it would not negatively impact market competition.

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As part of the deal, the CBK also approved the transfer of specific assets and liabilities of NBK to KCB Bank Kenya Limited, a wholly-owned subsidiary of KCB Group Plc, effective upon completion of the transaction according to the agreement terms.

National Bank of Kenya, established in 1968 as a government-owned entity, became a subsidiary of KCB Group Plc after the latter acquired a 100 percent stake in September 2019. 

Access Bank, which entered the Kenyan market in 2020 after paying $12.8 million for Transnational Bank Plc, currently has a network of 22 branches. With NBK’s 85 branches, it will reach 107 branches countrywide after merging operations.