Access Bank, Nigeria’s biggest bank by total assets, has completely acquired National Bank of Kenya Limited (NBK from KCB Group PLC (KCB Group), further enhance its East African footprint.
As part of the transaction, CBK, on April 4, 2025, approved the transfer of certain assets and liabilities of National Bank of Kenya Limited to KCB Bank Kenya Limited under section 9 of the Banking Act.
In addition to this, the Cabinet Secretary for the National Treasury and Economic Planning approved the transfer on April 10, 2025, according to section 9 of the Banking Act.
The acquisition and transfer shall take effect immediately transaction is completely carried out under the terms of the Agreement between the parties.
NBK was incorporated in 1968 as a wholly owned access credit and control their financial resources. KCB Group PLC acquired a 100 percent shareholding of NBK in September 2019. NBK as a subsidiary of KCB Group, has a subsidiary, namely, NBK Bancassurance Intermediary Limited.
Access Bank PLC, is part of Access Holdings PLC, a financial corporation headquartered in Nigeria. The group has aggressively expanded its footprint across Africa and beyond in recent years.
The bank has branches in over a dozen African countries, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa, where it operates and maintains a presence in the UK, UAE, and representative offices in China, Lebanon, and India.
This is a significant strategy as the acquisition of NBK can help strengthen Access bank's position in Kenya’s competitive banking landscape, adding to its operations in the country and reinforcing its East African expansion strategy.