*With the latest acquisition of the National Bank of Kenya, Access Bank Plc strengthens its position in the East African country’s competitive banking landscape while reinforcing its expansion strategy in the region of the continent

Isola Moses | 绿帽献妻

In expanding its footprint across Africa and beyond in recent years, Access Bank Plc, a subsidiary of Access Holdings Plc, has secured approvals from the Central Bank of Kenya (CBK) and the East African country’s National Treasury and Economic Planning for the acquisition of 100 percent shareholding of the National Bank of Kenya (NBK).

The Kenyan Central Bank, in a statement Monday, April 14, 2025, disclosed聽 Access Bank is acquiring NBK through the purchase of NBK shares from KCB Group Plc, which had held full ownership of the bank since 2019.

The Kenyan banking sector regulator had granted its approval for the transaction April 4 this year, under Section 13(4) of the Banking Act.

The Bank said the Cabinet Secretary for the National Treasury and Economic Planning also gave additional approval April 10, pursuant to Section 9 of the same Act as applicable in Kenya.

It is also noted that as part of the acquisition process, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group.

Both the CBK and the Cabinet Secretary have approved this transfer, the statement affirmed.

According to the Central Bank of Kenya, the acquisition and transfer of NBK assets and liabilities would take effect upon the full completion of the transaction, in line with the agreement between Access Bank Plc and KCB Group.

Founded in 1968, the National Bank of Kenya was initially created as a fully government-owned institution aimed at providing credit access to Kenyans and promoting indigenous economic control in the post-independence era.

In September 2019, NBK was acquired by KCB Group, which has since operated it as a subsidiary, alongside other financial services businesses like NBK Bancassurance Intermediary Limited.

Access Bank and KCB Group had signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya Limited in March 2024.

Access Bank Plc, also which currently owns NBK in full, is part of Access Holdings Plc, a financial conglomerate headquartered in Nigeria. The banking group has aggressively expanded its footprint across Africa and beyond in recent years, according to reports.

Access Bank now operates in over a dozen African countries, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa, and maintains a presence in the United Kingdom (UK), United Arab Emirates (UAE), and representative offices in China, Lebanon, and India.

It is also stated that with the acquisition of NBK, Access Bank Plc strengthens its position in Kenya鈥檚 competitive banking landscape, adding to its operations in the country and reinforcing its East African expansion strategy.

Meanwhile, the Central Bank of Kenya is said to have welcomed the NBK acquisition.

The Bank also cited the potential of the transaction to enhance the resilience and stability of the Kenyan banking sector.

The Kenyan banking regulator as well emphasised that the transaction aligned with its broader mandate to support sound financial sector development while protecting the interests of depositors and investors.

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