Kenya’s Central Bank and Treasury approve Access Bank’s acquisition of struggling NBK

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.