The Central Bank of Kenya (CBK) and the National Treasury have granted final approvals for Nigerian lender Access Bank’s full acquisition of the National Bank of Kenya (NBK), marking a significant milestone in the bank’s East African expansion. The deal, which is still awaiting regulatory clearance from Nigerian authorities, follows nearly a year of negotiations since Access Bank first expressed interest.
The acquisition, once completed, will give Access Bank full control of NBK’s nationwide branch network, bolstering its presence in Kenya’s competitive banking sector and deepening its foothold in East Africa’s largest economy. According to the CBK, the acquisition of 100 percent of NBK’s issued share capital was approved on April 4, 2025, under Section 13 (4) of the Banking Act. The National Treasury’s approval followed shortly after, on April 10, 2025.
Although the final transaction value remains undisclosed, previous disclosures by KCB Group, NBK’s current owner, indicate that the sale was pegged at 1.25 times NBK’s book value. With NBK’s 2023 book value estimated at $79.77 million, the acquisition could be valued around $100 million, though this figure may change based on final negotiations and due diligence outcomes.
This acquisition will be Access Bank’s second in the Kenyan market within five years. In 2020, the bank acquired Transnational Bank to gain entry into the country, mirroring similar moves by other Nigerian banking giants like UBA and GT Bank, all aiming to tap into East Africa’s fast-growing financial sector.
Access Bank is expected to inject fresh capital into NBK to stabilize its operations and improve financial performance. Since its own acquisition of NBK in 2019, KCB Group has reportedly invested more than $63.5 million to strengthen the struggling lender’s capital base and steer it toward profitability. However, NBK has continued to face financial headwinds, prompting KCB’s decision to exit the investment.
The upcoming change in ownership is anticipated to bring new life to NBK, with Access Bank likely to focus on technology-driven services, improved capital efficiency, and regional integration as part of its broader pan-African growth strategy.
A formal public announcement is expected once regulatory clearance is completed in Nigeria, officially closing one of the region’s most significant cross-border banking deals in recent years.
