Access Bank PLC has acquired the National Bank of Kenya (NBK), taking over full ownership from KCB Group PLC. The Central Bank of Kenya (CBK) formally announced the deal today.
The transaction received regulatory approval from the CBK on April 4, 2025, and from Treasury Cabinet Secretary John Mbadi on April 10, 2025, in line with Sections 9 and 13(4) of the Banking Act. In addition to the share transfer, the CBK and the Treasury approved the transfer of certain NBK assets and liabilities to KCB Bank Kenya Limited.
“Pursuant to section 13 (4) of the Banking Act, the Central Bank of Kenya on 4th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC,” CBK governor Kamau Thugge said in a gazette notice.
“The Cabinet Secretary for the National Treasury and Economic Planning on 10th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC.”
According to CBK, the acquisition and asset transfer will be finalised once the transaction is completed, by the terms set out in the agreement between the parties. This marks Access Bank’s second acquisition in Kenya, following its 2020 takeover of Transnational Bank.
NBK, which was initially established in 1968 as a state-owned lender to improve access to credit for Kenyans, posted a profit of KES 1.06 billion in 2024—bouncing back from a loss of KES 3.3 billion the previous year. KCB Group fully acquired NBK in 2019, and the bank has since operated as its subsidiary. NBK also owns NBK Bancassurance Intermediary Limited.
KCB Group PLC, a non-operating holding company, reported a profit after tax of KES 61.8 billion in 2024. It owns KCB Bank Kenya and operates subsidiaries in Uganda, Tanzania, Rwanda, Burundi, South Sudan, the Democratic Republic of Congo (DRC), and has a representative office in Ethiopia.
Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, continues to expand across Africa and globally. It now operates in over a dozen countries, including Kenya, Ghana, Mozambique, South Africa, and the UK. It maintains representative offices in China, Lebanon, and India, as well as a branch in the UAE.
