The Central Bank of Kenya and the National Treasury have given the green light for Nigerian lender Access Bank PLC to acquire the struggling National Bank of Kenya, marking a key step forward in the nearly year-long acquisition process.
The approval, announced on Monday, brings Access Bank closer to finalising its purchase of 100 percent of NBK’s issued share capital—a move expected to bolster its presence in East Africa’s largest economy. The deal is still pending final approval from Nigerian regulatory authorities.
In a gazette notice, CBK Governor Kamau Thugge stated that the acquisition was approved on April 4, 2025, under Section 13 (4) of the Banking Act. Treasury Cabinet Secretary John Mbadi subsequently endorsed the transaction on April 10, 2025.
The acquisition positions Access Bank to tap into NBK’s nationwide branch network and deepen its footprint in Kenya’s competitive banking sector. A public announcement confirming the completion of the transaction is expected soon.
While the exact financial details remain undisclosed, KCB Group—which owns NBK—previously indicated it had agreed to sell the bank at 1.25 times its book value. Based on NBK’s 2023 book value of $79.77 million, the transaction could be worth approximately $100 million, though the final figure may vary.
This marks Access Bank’s second foray into the Kenyan market, following its 2020 acquisition of Transnational Bank. The move underscores its broader pan-African expansion strategy, mirroring efforts by fellow Nigerian banks United Bank for Africa and Guaranty Trust Bank.
Access Bank is expected to inject fresh capital into NBK post-acquisition, to strengthen its balance sheet. Since acquiring the loss-making bank in 2019, KCB Group has invested over $63.5 million to stabilise its finances and guide it towards profitability.
