KCB Group has secured regulatory approval from the Central Bank of Kenya (CBK) to move forward with the sale of National Bank of Kenya (NBK) to Nigeria’s Access Bank Plc, marking a key milestone in the planned divestiture.
The CBK gave the green light on April 4, 2025, under Section 13(4) of the Banking Act, while the Cabinet Secretary for the National Treasury and Economic Planning granted additional approval on April 10, 2025, as required under Section 9 of the Act.
The transaction, which began in March 2024, has been under review by relevant regulators and stakeholders. Since then, both KCB and Access Bank have been working closely to secure necessary approvals and align on the deal terms.
As part of the transaction, the CBK and Treasury also approved the transfer of specific assets and liabilities of NBK to KCB Bank Kenya Limited. This restructuring move, approved on April 4 and April 10 respectively, aims to pave the way for a smooth transition as the acquisition nears completion.
However, the deal is still pending final approval from the Central Bank of Nigeria, which is required for the transaction to be deemed fully complete.
Commenting on the development, KCB Group CEO Paul Russo said, “The CBK approval marks a significant milestone towards the completion of this transaction. Both Access Bank and KCB Group continue to engage to ensure a successful completion. In the meantime, NBK remains a subsidiary of KCB Group, and there are no changes to our current structures or day-to-day operations.”
KCB Group has assured all stakeholders, including customers, of continued efficient and seamless service delivery during this transition period.
The sale of NBK to Access Bank aligns with KCB Group’s broader strategy to streamline operations and reallocate resources, as the West African banking giant continues to expand its footprint across the continent.