Nigeria’s Access Bank Plc acquires 100% shareholding in National Bank of Kenya
Yes, the Central Bank of Kenya (CBK), along with the National Treasury and the Competition Authority of Kenya (CAK), has approved the acquisition of the National Bank of Kenya (NBK) by Nigeria’s Access Bank Plc. This approval allows Access Bank to acquire 100% of NBK’s shareholding from KCB Group Plc.
Key Details of the Acquisition:
- Regulatory Approvals: CBK granted approval on April 4, 2025, under Section 13(4) of the Banking Act, followed by the National Treasury’s approval on April 10, 2025, under Section 9(1) of the same Act.
- Employee Retention: To mitigate job losses, the CAK stipulated that Access Bank must retain at least 80% of NBK’s current workforce for at least one year following the acquisition.
- Asset Transfer: As part of the transaction, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited.
- Financial Performance: NBK reported a profit of KES 1.06 billion in 2024, marking a significant turnaround from a KES 3.3 billion loss in the previous year.
This acquisition is part of Access Bank’s strategic expansion into East Africa, enhancing its presence in the region’s banking sector. The deal is expected to be finalized following the upcoming Annual General Meeting of Access Bank’s shareholders.
