Access Bank Plc has officially received the green light to proceed with its acquisition of another bank that has been a key competitor in the financial sector.
Access Bank (Kenya) is to become the new owner of the National Bank of Kenya (NBK) according to the report of this acquisition.
This significant development was confirmed by Kamau Thugge, the Governor of the Central Bank of Kenya (CBK), who announced that Cabinet Secretary John Mbadi has approved the transaction in a gazette notice dated April 11, 2025.
With this CBK approval, Access Bank is set to acquire 100% of NBK’s shareholding, previously owned by Kenya Commercial Bank (KCB) Group. The deal also includes NBK’s insurance subsidiary, NBK Bancassurance Intermediary Limited. The Central Bank noted that CS John Mbadi granted his approval under Section 9(1) of the Banking Act, while the central bank itself endorsed the transaction on April 4, under Section 13(4) of the same legislation.
The details surrounding the acquisition were outlined in a public notice from the CBK, which stated that on March 20, 2024, the Board of Directors of KCB Group PLC passed a resolution to approve Access Bank’s takeover as per the Share Purchase Agreement dated the same day.
In a bid to mitigate potential job losses, the Competition Authority of Kenya (CAK) has stipulated conditions requiring Access Bank to retain at least 80% of NBK’s current workforce for a minimum of one year following the acquisition. This requirement aims to protect employees during the transition period.
Access Bank, a leading commercial bank listed on the Nigerian Stock Exchange, operates in Kenya through its local subsidiary, Access Bank (Kenya) Plc, positioning itself as a direct competitor to NBK. Meanwhile, NBK has been fully owned by KCB Group Plc since 2019. KCB is publicly traded on the Nairobi Securities Exchange and has a presence in Tanzania, Uganda, and Rwanda.
The announcement regarding the acquisition was made in a statement on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, the Secretary of Access Holdings. The completion of this acquisition is projected for the latter half of 2025, contingent upon regulatory approvals. Following the finalization of the deal, Bidvest Bank is expected to merge with Access Bank’s existing South African subsidiary, further expanding Access Bank’s footprint in the region.