The Central Bank of Kenya (CBK) and the National Treasury have granted approval for Access Bank’s acquisition of the struggling National Bank of Kenya (NBK), nearly a year after the Nigerian lender initially expressed interest in the deal. However, the transaction is still awaiting approval from Nigerian authorities.
In a public notice issued on Monday, CBK confirmed that both the bank and Treasury Cabinet Secretary John Mbadi had endorsed the acquisition, bringing Access Bank a step closer to taking control of NBK. The acquisition could significantly enhance Access Bank’s presence in Kenya, especially given NBK’s extensive branch network across the country.
CBK Governor Kamau Thugge announced the approval in a gazette notice, citing the Banking Act’s section 13(4). “On 4th April 2025, the Central Bank of Kenya approved Access Bank PLC’s acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited,” Thugge said, adding that Treasury’s approval followed on 10th April 2025.
This approval paves the way for KCB Group and Access Bank to finalize the deal, with a formal announcement expected soon.
Although the transaction value has not been disclosed, KCB Group stated in March 2024 that it had agreed to sell NBK at 1.25 times its book value. With NBK’s 2023 book value estimated at $79.77 million, the deal could be valued at around $100 million, though the final figure may vary.
This marks Access Bank’s second acquisition in Kenya in five years as part of its broader African expansion strategy. The bank entered the Kenyan market in 2020 through the purchase of Transnational Bank, following similar moves by its Nigerian competitors, United Bank of Africa (UBA) and Guaranty Trust Bank (GT Bank).
If the deal goes through, Access Bank is expected to inject additional capital into NBK to strengthen its finances. Since KCB took over the loss-making NBK in 2019, with the assistance of CBK and the National Treasury, it has invested over $63.5 million to bolster the lender’s capital base and move it toward profitability.