Access Bank PLC, a subsidiary of Nigeria’s Entry Holdings PLC, has secured approvals from the Central Bank of Kenya (CBK) and Kenya’s Nationwide Treasury and Financial Planning for the acquisition of 100% shareholding of the Nationwide Bank of Kenya (NBK).
Access Bank is buying NBK via the acquisition of NBK shares from KCB Group PLC, which had held full possession of the bank since 2019.
Based on a press release issued by the CBK on Monday, April 14, 2025, the apex bank granted its approval for the transaction on April 4, 2025, beneath Part 13(4) of the Banking Act, whereas the Cupboard Secretary for the Nationwide Treasury and Financial Planning gave further approval on April 10, 2025, pursuant to Part 9 of the identical Act.
Property switch
As a part of the acquisition course of, sure property and liabilities of NBK can be transferred to KCB Bank Kenya Restricted, a completely owned subsidiary of KCB Group. Each the CBK and the Cupboard Secretary have permitted this switch.
The acquisition and switch of NBK property and liabilities will take impact upon the complete completion of the transaction, in keeping with the settlement between Access Bank and KCB Group.
- Access Bank PLC, which now owns NBK in full, is a part of Entry Holdings PLC, a monetary conglomerate headquartered in Nigeria. The group has aggressively expanded its footprint throughout Africa and past in recent times.
- The bank now operates in over a dozen African nations, together with Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa, and maintains a presence within the UK, UAE, and consultant places of work in China, Lebanon, and India.
- With the acquisition of NBK, Access Bank strengthens its place in Kenya’s aggressive banking panorama, including to its operations within the nation and reinforcing its East African growth technique.
Transaction to boost sector stability
The Central Bank of Kenya has welcomed the acquisition, citing its potential to boost the resilience and stability of the Kenyan banking sector.
The regulator emphasised that the transaction aligns with its broader mandate to assist sound monetary sector growth whereas defending the pursuits of depositors and traders.
CBK’s endorsement suggests confidence in Access Bank’s capability to take care of continuity of providers at NBK and leverage the bank’s infrastructure and customer base to additional develop digital and monetary providers in Kenya.
What it’s best to know
Based in 1968, the Nationwide Bank of Kenya was initially created as a completely government-owned establishment aimed toward offering credit score entry to Kenyans and selling indigenous financial management within the post-independence period.
- In September 2019, NBK was acquired by KCB Group, which has since operated it as a subsidiary, alongside different monetary providers companies like NBK Bancassurance Middleman Restricted.
- Access Bank and KCB Group had signed a binding settlement to amass 100% shareholding in Nationwide Bank of Kenya Restricted in March 2024.
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