- Nigerian lender Access Bank Plc has secured government approval to take over the National Bank of Kenya
- The approval was granted by Kenya’s Treasury, Central Bank, and Competition Authority, marking a major expansion move in East Africa’s banking sector
- Affected employees will continue working for the bank for at least one year after the acquisition is finalised
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s Access Bank Plc has secured full ownership of the National Bank of Kenya (NBK), following final approval from Kenya’s National Treasury Cabinet Secretary John Mbadi.
The Central Bank of Kenya (CBK) confirmed the acquisition in a gazette notice dated April 11, 2025.
Photo credit: Nurphoto
Source: UGC
The CBK approval now allows Access Bank to take over 100% of NBK’s shareholding, previously held by Kenya Commercial Bank (KCB) Group.
The deal includes NBK’s insurance arm, NBK Bancassurance Intermediary Limited, The Kenyan Times reports.
According to the CBK, the Cabinet Secretary gave his nod under Section 9(1) of the Banking Act, while the central bank itself approved the transaction on April 4 under Section 13(4) of the same Act.
The deal is scheduled to be presented at Access Bank’s next annual general meeting.
The CBK notice stated:
“The Board of Directors of KCB Group PLC approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC as per the Share Purchase Agreement dated March 20, 2024”
Access Bank set to take over Kenyan bank
The Competition Authority of Kenya (CAK) earlier gave the green light for the transaction, having determined that it would not distort market competition.
To mitigate job losses, CAK attached conditions requiring Access Bank to retain at least 80% of NBK’s current workforce for one year post-acquisition.
What to know about the two banks
Access Bank, one of the leading commercial banks, is listed on the Nigerian Stock Exchange and operates in Kenya through its local subsidiary, Access Bank (Kenya) Plc.
Access Bank has branches across Africa and also operates outside the continent.
On the other hand, the National Bank of Kenya (NBK) has been fully owned by KCB Group Plc since 2019.
KCB is publicly traded on the Nairobi Securities Exchange and is cross-listed in Tanzania, Uganda, and Rwanda.
The acquisition of NBK will expand Access Bank’s footprint in the East African market.
Access Bank reaches agreement to buy South African bank
Legit.ng also reported that Access Holdings Plc has announced that it has entered a binding agreement to acquire South Africa’s Bidvest Bank.
The deal was disclosed in a statement on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, Access Holdings’ secretary.
Access Bank is expected to complete the acquisition in the second half of 2025, pending approval from regulators.
Once the deal is finalised, Bidvest Bank will merge with Access Bank’s current South African subsidiary.
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Source: Legit.ng
