Access Bank completes National Bank of Kenya acquisition in regional expansion drive

Onome Amuge

Access Bank, Nigeria’s largest lender by assets, has completed the acquisition of 100 per cent of National Bank of Kenya Limited (NBK) from KCB Group PLC (KCB.NR), further solidifying its footprint in the East African banking sector.  

The transaction, announced by the Central Bank of Kenya (CBK), follows regulatory approvals granted earlier this month. The CBK gave its nod on April 4, 2025, under Section 13 (4) of the Banking Act, while the Cabinet Secretary for the National Treasury and Economic Planning approved the deal on April 10, 2025, pursuant to Section 9 of the same Act.

As part of the acquisition, the CBK also approved the transfer of specific assets and liabilities of NBK to KCB Bank Kenya Limited, a subsidiary of KCB Group, on April 4, 2025. This transfer was also sanctioned by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025.  

“The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the parties,” the Kenyan central bank stated.

NBK was established in 1968 as a state-owned entity with a mandate to facilitate access to credit and financial control for Kenyans. KCB Group, a Kenyan non-operating holding company with banking subsidiaries across the region, acquired 100 per cent of NBK in September 2019. NBK also has a bancassurance subsidiary, NBK Bancassurance Intermediary Limited. KCB Group’s banking network spans Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia (representative office), South Sudan, and the Democratic Republic of Congo.  

Access Bank PLC (ACCESS.LG), a Nigerian multinational with operations in over a dozen countries, including Kenya, Botswana, Ghana, Nigeria, Congo DRC, Guinea, Mozambique, Rwanda, Senegal, Sierra Leone, The Gambia, Zambia, and the United Kingdom, has been strategically expanding its presence across Africa. The bank also maintains representative offices in China, Lebanon, and India, as well as a branch in the United Arab Emirates.  

The Central Bank of Kenya welcomed the acquisition, stating that it will ensure continued stability and enhance the resilience of the Kenyan banking sector. 

The move signals further consolidation within the East African banking market and underscores the growing influence of Nigerian financial institutions on the continent.