Central Bank of Kenya (CBK) has approved the 100 per cent acquisition of National Bank of Kenya (NBK) by Access Bank (Access) of Nigeria after adhering to regulatory requirements.

The nod by the regulator follows an approval by the transaction by National Treasury and Economic Planning Cabinet Secretary John Mbadi pursuant to Section 9 of the Banking Act.

“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,” announced CBK in a statement.

The CS approved the transfer on April 10, 2025 after troubled NBK, which was incorporated in 1968 as a wholly-owned government entity, was fully acquired by KCB Group in 2019.

The regulator added: “The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the parties.”

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Access Bank has subsidiaries in Kenya, Ghana, Botswana, Cameroon, DRC, Gambia, Guinea, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa, Zambia, as well as in the UK.

The Nigerian financier, which is a subsidiary of Access Holdings PLC, also operates representative offices in China, Lebanon, and India as well as a branch in the UAE.

CBK headed by Kamau Thugge has lauded the substantial transaction saying the move will ensure that the Kenyan banking sector continues to be stable and enhance its resilience.