Ruto Govt Sells National Bank of Kenya to Nigeria’s Access Bank
Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning have given an approval to Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, the acquisition of 100% shareholding of the National Bank of Kenya (NBK).
Access Bank is acquiring NBK through the purchase of NBK shares from KCB Group PLC, which had held full ownership of the bank since 2019.
According to a statement issued by the CBK on Monday, April 14, 2025, the apex bank granted its approval for the transaction on April 4, 2025, under Section 13(4) of the Banking Act, while the Cabinet Secretary for the National Treasury and Economic Planning gave additional approval on April 10, 2025, pursuant to Section 9 of the same Act.
“As part of the transaction, CBK, on April 4, 2025, further approved the transfer of certain assets and liabilities of National Bank of Kenya Limited to KCB Bank Kenya Limited pursuant to section 9 of the Banking Act,” CBK announced in a statement.
“Additionally, the Cabinet Secretary for The National Treasury and Economic Planning, approved the transfer on April 10, 2025, pursuant to section 9 of the Banking Act,” it added.
“The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the parties.”
NBK, which was incorporated in 1968 as a wholly owned government entity, was in 2019 fully acquired by KCB Group.
Access Bank PLC, which now owns NBK in full, is part of Access Holdings PLC, a financial conglomerate headquartered in Nigeria. The group has aggressively expanded its footprint across Africa and beyond in recent years.
The bank now operates in over a dozen African countries, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa, and maintains a presence in the UK, UAE, and representative offices in China, Lebanon, and India.
