Yemisi Izuora
Access Bank (Kenya) Plc has secured permission to complete the acquisition of the National Bank of Kenya (NBK).
Access Bank is also facilitating similar operations in South Africa.
The Central Bank of Kenya (CBK) Governor, Kamau Thugge, confirmed that National Treasury Cabinet Secretary (CS) John Mbadi has approved the transaction in a gazette notice dated April 11, 2025.
The CBK approval now allows Access Bank to take over 100 per cent of NBK’s shareholding, previously held by Kenya Commercial Bank (KCB) Group.
The deal includes NBK’s insurance arm, NBK Bancassurance Intermediary Limited, the Kenyan Times reports.
According to the CBK, National Treasury Cabinet Secretary (CS) John Mbadi gave his nod under Section 9(1) of the Banking Act, while the Central Bank itself approved the transaction on April 4 under Section 13(4) of the same Act. The deal is scheduled to be presented at Access Bank’s next annual general meeting.
The CBK notice stated: “It is notified for information of the general public that pursuant to the provisions of Section 9(5) of the Banking Act, the Board of Directors of KCB Group Plc vide a resolution passed on March 20, 2024, approved the acquisition of 100 per cent of the issued share capital of National Bank of Kenya Limited by Access Bank Plc as per the Share Purchase Agreement dated March 20, 2024.
“The transaction will be tabled at the next Annual General Meeting of shareholders.
The Competition Authority of Kenya (CAK) in October last year gave the green light for the transaction, having determined that it would not distort market competition.
To mitigate job losses, CAK attached conditions requiring Access Bank to retain at least 80 per cent of NBK’s current workforce for at least one year post-acquisition.
The statement added: “The transaction has been approved on condition that Access Bank Plc retains, for one (1) year following completion of the transaction, at least 80 per cent of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary.”
Access Bank, one of the leading commercial banks, is listed on the Nigerian Stock Exchange and operates in Kenya through its local subsidiary, Access Bank (Kenya) Plc, a direct competitor to National Bank of Kenya.
On the other hand, the NBK has been fully owned by KCB Group Plc since 2019. KCB is publicly traded on the Nairobi Securities Exchange and is cross-listed in Tanzania, Uganda, and Rwanda. The acquisition of NBK will expand Access Bank’s footprint in the East African market.
Also, Access Holdings Plc has announced that it has entered a binding agreement to acquire South Africa’s Bidvest Bank.
The deal was disclosed in a statement on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, Access Holdings’ secretary.
Access Bank is expected to complete the acquisition in the second half of 2025, pending approval from regulators.
Once the deal is finalised, Bidvest Bank will merge with Access Bank’s current South African subsidiary.