Nairobi — The Central Bank of Kenya (CBK) has approved the acquisition of National Bank of Kenya Limited (NBK) by Access Bank PLC (Access) after the deal met regulatory requirements.

The approval comes a few months after the National Treasury and Economic Planning Cabinet Secretary on April 10, 2025, pursuant to Section 9 of the Banking Act, okayed the transaction.

"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.

On the other hand, Access Bank, a subsidiary of Access Holdings PLC, has subsidiaries in Botswana, Cameroon, the Democratic Republic of Congo, Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa, Zambia, and the United Kingdom.

The bank also operates representative offices in China, Lebanon, and India and a branch in the United Arab Emirates. CBK welcomes this transaction as it will ensure continued stability and enhance the resilience of the Kenyan banking sector.