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Acquisition of the National Bank of Kenya: The Central Bank of Kenya approves the project

15/04/2025
Source : ORISHAS FINANCE
Categories: Sectors

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Il est annoncé le lundi 14 avril 2024 que la Central Bank of Kenya has given the green light to the acquisition of the National Bank of Kenya (NBK) by the Nigerian banking group Access Bank Plc. This decision comes more than a year after the official launch of the takeover process, which began on 20 March 2024.

The Central Bank of Kenya has in turn approved the proposed acquisition of the National Bank of Kenya by Access Bank, based in Nigeria. The transaction is still pending final approval from the Central Bank of Nigeria. Indeed, Access Bank aims to buy 100% of the capital of NBK, now owned by the Kenyan financial group KCB Group Plc. KCB Group justified its approval by saying that the transaction will contribute to strengthening the stability and resilience of the local banking sector.

The finalization of this transaction is however subject to the approval of the Central Bank of Nigeria (CBN).

Access Bank plans, after the closing of the transaction, to merge NBK with Access Bank Kenya Plc, its local subsidiary. This merger will create a banking entity capable of better covering the Kenyan market, which is considered strategic by the Nigerian bank, as part of its five-year development plan

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