The Central Bank of Kenya (CBK) has announced the acquisition of 100 percent of the shareholding of National Bank of Kenya Limited (NBK) by Access Bank PLC (Access) from KCB Group PLC (KCB Group).
The move follows CBK’s approval on April 4, 2025, under Section 13 (4) of the Banking Act, and a subsequent nod by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, pursuant to Section 9 of the Banking Act.
As part of the transaction, CBK also approved the transfer of certain assets and liabilities of National Bank of Kenya Limited to KCB Bank Kenya Limited. The Cabinet Secretary further approved this transfer on April 10, 2025. The acquisition and transfer will take effect upon completion of the transaction in line with the Agreement between the parties.
NBK was incorporated in 1968 as a wholly owned Government entity, established to help Kenyans access credit and control the economy post-independence. KCB Group Plc acquired full ownership of NBK in September 2019. As a subsidiary of KCB Group, National Bank of Kenya also owns National Bank of Kenya Bancassurance Intermediary Limited.
KCB Bank Kenya is a wholly owned subsidiary of KCB Group Plc, a Kenyan non-operating holding company with banking subsidiaries across East Africa—Uganda, Tanzania, Rwanda, Burundi, Ethiopia (representative office), South Sudan, and the Democratic Republic of Congo.
Access Bank PLC (Nigeria), a wholly owned subsidiary of Access Holdings PLC, operates in Botswana, Cameroon, Democratic Republic of Congo, Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa, Zambia, and the United Kingdom. It also maintains representative offices in China, Lebanon, and India, and a branch in the United Arab Emirates.
CBK has welcomed the acquisition, citing it as a step towards ensuring continued stability and enhancing the resilience of Kenya’s banking sector.
The transaction was approved by both KCB Group Plc and Access Bank PLC boards in March 2024 and is expected to be finalized following the upcoming Annual General Meeting.
For the financial year 2024, NBK recorded a Sh1.06 billion profit, signaling a significant turnaround from a Sh3.3 billion loss it recorded in the previous year under review.
KCB CEO Paul Russo, during a past interview, alluded to the fact that since the lender took over NBK, its financial books had taken a blow, citing bad loans and reduced customer deposits.
In a notice dated Monday, April 14, KCB clarified that the transaction is yet to be finalized since the Central Bank of Nigeria is yet to give it a nod.
“The acquisition and transfer shall take effect upon completion of the transaction in
accordance with the terms of the Agreement between the parties. That said, there is
a pending approval by the Central Bank of Nigeria, for the transaction to be
considered complete. The CBK approval marks a significant milestone towards the completion of this transaction. Both Access Bank and KCB Group continue to engage to ensure a successful completion. In the meantime, NBK remains a subsidiary of KCB Group, and there are no changes to our current structures or day-to-day operations,” the statement read.
