The Central Bank of Kenya has approved the Access Bank’s acquisition of KCB Group’s National Bank of Kenya.
In a gazette notice issued on April 11, CBK Governor Kamau Thugge announced that the central bank had granted approval for the transaction in early April. These approvals pave the way for the acquisition of the National Bank of Kenya (NBK) and its subsequent merger with Access Bank’s current subsidiary in Kenya.
Reports from mid-March suggested that the Central Bank of Nigeria had stipulated a requirement for Access Bank, which is publicly traded in its domestic market, to divest its interests in the Democratic Republic of Congo (DRC).
In a statement released on Monday, the CBK confirmed, “As part of the transaction, on April 4, 2025, CBK further approved the transfer of specific assets and liabilities from National Bank of Kenya Limited to KCB Bank Kenya Limited.”
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KCB and Access Bank signed the share purchase in March 2024, setting the stage for the latter to acquire the struggling NBK at 1.25* of its book value.
Because the deal involved two listed multinational banking groups, regulatory approvals have taken more than a year and have included approvals from local and regional anti-trust agencies.
The transfer of ownership will become effective once the transaction is finalized in accordance with the stipulations outlined in the Agreement between the involved parties, as stated by CBK.
The Competition Authority of Kenya granted approval for the transaction, stipulating that Access Bank must maintain a minimum of 80% of NBK’s workforce following the merger.
