Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has successfully secured full ownership of the National Bank of Kenya (NBK). This acquisition, approved by the Central Bank of Kenya (CBK) and the National Treasury and Economic Planning, marks a crucial step in Access Bank’s aggressive East African expansion strategy.
The CBK, in a statement released on Monday, April 14, 2025, confirmed its approval of the transaction on April 4, 2025, under Section 13(4) of the Banking Act. Simultaneously, the Cabinet Secretary for the National Treasury and Economic Planning granted their approval on April 10, 2025, pursuant to Section 9 of the same Act.
“The approvals signify a vote of confidence in Access Bank’s ability to contribute positively to the Kenyan financial sector,” stated a spokesperson from the CBK. “We believe this transaction will enhance the resilience and stability of the banking sector, aligning with our mandate to support sound financial development.”
Key Transaction Details
Access Bank’s acquisition involves purchasing all NBK shares from KCB Group PLC, which had held full ownership since 2019. As part of the agreement, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. This transfer has also received the necessary regulatory approvals.
“For us at Access Bank, this represents a strategic expansion into a vital East African market,” remarks a senior executive at Access Holdings PLC. “We are committed to leveraging NBK’s existing infrastructure and customer base to further develop digital and financial services in Kenya.”
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Impact on the Kenyan Banking Sector
The CBK has emphasized the potential of this acquisition to strengthen the Kenyan banking sector. Their endorsement suggests a strong belief in Access Bank’s capacity to ensure continuity of services at NBK while fostering growth and innovation.
“I’ve seen firsthand how mergers and acquisitions can bring about positive changes, particularly in terms of enhanced service delivery and increased competition,” says financial analyst, John Kamau. “This move by Access Bank could potentially lead to more accessible and innovative banking products for Kenyan consumers.”
Access Bank’s growing presence across Africa, with operations in over a dozen countries, including Ghana, Rwanda, Mozambique, Zambia, and South Africa, underscores its ambition to become a leading financial services provider on the continent. The bank also maintains a presence in the UK, UAE, and representative offices in China, Lebanon, and India.
Looking Ahead
The full completion of the acquisition and the subsequent transfer of assets and liabilities will occur in accordance with the agreement between Access Bank and KCB Group. With this strategic acquisition, Access Bank is poised to significantly strengthen its position in Kenya’s competitive banking landscape, reinforcing its commitment to East African expansion.
