Access Bank has received final regulatory approvals to acquire 100 per cent of National Bank of Kenya Limited (NBK) from KCB Group
PIc.
Gatekeepers News reports that Central Bank of Kenya (CBK) announced this in a statement posted on its X page on Monday.
About a year ago, Access Bank announced an agreement to acquire NBK from KCB Group PIc, noting that the acquisition would boost its presence in the East African market.
According to the CBK, the acquisition was approved on April 4, 2025, in line with Section 13(4) of the Banking Act. In addition, CBK authorized the transfer of specific assets and liabilities from NBK to KCB Bank Kenya Limited under Section 9 of the same act.
It said, “As part of the transaction, CBK, on April 4, 2025, further approved the transfer of certain assets and liabilities of National Bank of Kenya Limited to KCB Bank Kenya Limited pursuant to section 9 of the Banking Act.”
“Additionally, the Cabinet Secretary for The National Treasury and Economic Planning, approved the transfer on April 10, 2025, pursuant to section 9 of the Banking Act.”
“The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the agreement between the parties.”
CBK noted that the NBK was incorporated in 1968 as a wholly owned government entity to support access to credit and promote economic participation for Kenyans post-independence.
It said, “In September 2019, KCB Group acquired full ownership of NBK, which operates NBK Bancassurance Intermediary Limited as its subsidiary.”
“KCB Bank is a wholly owned subsidiary of KCB Group Ple which is a Kenyan non-operating holding company that owns banking subsidiaries in the East African region; Uganda, Tanzania, Rwanda, Burundi, Ethiopia (representative office), South Sudan and the Democratic Republic of Congo.”
