The Central Bank of Kenya and the Treasury have cleared Access Bank’s acquisition of the National Bank of Kenya, advancing the Nigerian lender’s East African expansion.
The Central Bank of Kenya (CBK) and the National Treasury have approved Access Bank’s acquisition of the struggling National Bank of Kenya (NBK), the regulator announced Monday. The deal, which awaits final approval from Nigerian authorities, moves the Lagos-based lender closer to expanding its operations in East Africa’s largest economy.
“Pursuant to section 13 (4) of the Banking Act, the Central Bank of Kenya on 4th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC,” CBK Governor Kamau Thugge said.
Treasury Cabinet Secretary John Mbadi granted the ministry’s approval on April 10.
The transaction is Access Bank’s second acquisition in Kenya after buying Transnational Bank in 2020. KCB Group, which currently owns NBK, had earlier estimated the deal’s value at roughly $100 million. Access Bank is expected to inject fresh capital into NBK to strengthen its financial position if the deal proceeds.
READ MORE AT The Central Bank of Kenya (CBK) and the National Treasury have approved Access Bank’s acquisition of the struggling National Bank of Kenya, nearly one year after the Nigerian lender first expressed interest in the deal. The transaction is still subject to Nigerian authorities’ approval.
In a public notice on Monday, the CBK said it and Treasury Cabinet Secretary John Mbadi had approved the deal, bringing Access Bank closer to taking over NBK, which could expand its footprint in East Africa’s largest economy, given the bank’s nationwide branch network.
“Pursuant to section 13 (4) of the Banking Act, the Central Bank of Kenya on 4th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC,” CBK governor Kamau Thugge said in a gazette notice.
“The Cabinet Secretary for the National Treasury and Economic Planning on 10th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC.”
The approval paves the way for KCB Group and Access Bank to complete the transaction, with a public announcement to follow.
While the transaction value has not been disclosed, KCB Group said in March 2024 that it had agreed to sell National Bank at 1.25 times its book value. Based on NBK’s 2023 book value of $79.77 million, the deal could be valued at approximately $100 million.
The final acquisition figure could still be markedly different from that estimate. The deal is Access Bank’s second acquisition in Kenya in five years as it pushes its pan-African expansion drive. In 2020, Access acquired Transnational Bank to enter the Kenyan market, following a similar move by its Nigerian competitors, United Bank of Africa (UBA) and Guaranty Trust Bank (GT Bank).
Access is expected to inject more capital into NBK to shore up its books if the deal is closed. Since KCB acquired the loss-making lender in 2019 in a deal brokered by CBK and the National Treasury, it has spent over $63.5 million to improve its capital strength and keep it on track to profitability.
