Nigeria’s Access Bank Plc has acquired 100pc stake in National Bank of Kenya from KCB Group with the two parties now expected to finalize the transaction.
The Central Bank of Kenya (CBK) which approved the transaction on Friday last week expects the transaction to continue enhancing the stability and the resilience of the local banking sector.
“As part of the transaction, CBK On April 4, 2025 further approved the transfer of certain assets and liabilities on the National Bank ok Kenya Limited to KCB Bank Kenya Limited pursuant to section 9 of the Banking Act. 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,” said CBK in a statement.
Full year financial statement to December 31, 2024 indicate that NBK Group had assets amounting to Ksh 148.3 billion, which was a decline when compared to Ksh 161.2 billion a year earlier.
On the other hand, NBK liabilities declined by 10.2pc, from Ksh 150.3 billion in 2023 to Ksh 134.9 billion last year.
NBK which was bought by KCB Group in 2019 after running into financial turmoil reversed its Ksh 3.3 billion losses recorded in 2023 to post a profit after tax of Ksh 1.06 billion last year.
“CBK welcomes this transaction as it will ensure stability and enhance the resilience of the Kenyan banking sector,” said CBK.
Access Bank Plc is a Nigerian multinational commercial bank with operations in 18 countries including Kenya where it operates Access Bank Kenya. The bank also has an asset base of $25.5 billion.