Access Bank PLC, Nigeria’s largest lender by total assets, has finalized the acquisition of National Bank of Kenya Limited (NBK) from KCB Group PLC, in a move that significantly boosts its presence in East Africa’s financial sector.
The transaction received regulatory approval from the Central Bank of Kenya (CBK) on April 4, 2025, allowing the transfer of specific assets and liabilities from NBK to KCB Bank Kenya Limited, in line with Section 9 of Kenya’s Banking Act. The Cabinet Secretary for the National Treasury and Economic Planning granted final approval for the deal on April 10, 2025.
According to the agreement, the acquisition and asset transfer will take effect once all transactional terms are fulfilled.
Originally incorporated in 1968, the National Bank of Kenya was established to facilitate access to credit and enhance financial autonomy. In September 2019, KCB Group PLC acquired full ownership of NBK, making it a wholly owned subsidiary. NBK also operates a subsidiary known as NBK Bancassurance Intermediary Limited in the insurance distribution space.
The acquisition is part of Access Bank’s broader strategic objective to deepen its footprint across Africa. As a subsidiary of Access Holdings PLC, the bank has accelerated its international expansion in recent years, now operating in over a dozen African countries including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa, while also maintaining a presence in the United Kingdom, the United Arab Emirates, and representative offices in China, Lebanon, and India.
By acquiring NBK, Access Bank enhances its operations in Kenya and consolidates its position in East Africa’s dynamic banking environment. This strategic move aligns with its vision to become Africa’s gateway to the world and expand its influence across key regional markets.
