Access Bank Acquires National Bank of Kenya from KCB Group

By
Ronald Bwire
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Access Bank has acquired 100 percent of National Bank of Kenya from KCB Group after approval by the Central Bank of Kenya (CBK) on April 4, 2025.

The acquisition of 100 percent of the shareholding of National Bank of Kenya Limited (NBK) by Access Bank PLC (Access) from KCB Group PLC (KCB Group) follows CBK’s approval under Section 13 (4) of the Banking Act, and approval by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, pursuant to Section 9 of the Banking Act.

According to KCB Group CEO Paul Russo during the initial transaction last year, “This transaction represents what we believe is a great opportunity to maximize value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step  marks the opening of new opportunities.” 

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KCB — Kenya’s biggest bank — bought the National Bank of Kenya in 2019 and at 1.25 times book value though the deal was not disclosed.  

Access Bank in 2020 acquired Kenya’s Transnational Bank as it was eyeing growth in the East African market. 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. Additionally, the Cabinet Secretary for The National Treasury and Economic Planning approved the transfer on April 10, 2025, pursuant to Section 9 of the Banking Act.

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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