Access Bank gets CBK nod to acquire NBK

The Central Bank of Kenya (CBK) has approved the acquisition of National Bank of Kenya (NBK) by Access Bank Kenya.

The deal was approved by CBK on April 4, and subsequently by the National Treasury Cabinet Secretary on April 10. "The CBK welcomes this transaction as it will ensure continued stability and enhance the resilience of the Kenyan banking sector," the banking regulator said in a statement on Monday.

KCB Group acquired 100 per cent stake in NBK in September 2019.  As part of the transaction, CBK said it approved the transfer of certain assets and liabilities of NBK to KCB Bank Kenya Ltd. "The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the agreement between the parties," it noted.

KCB Group said the sale of NBK marks a positive step towards the completion of the transaction that began in March 2024. "The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the agreement between the parties," the bank said in a statement.