Access Bank, Nigeria’s largest bank by assets, has received regulatory approval from Kenyan authorities to acquire 100 percent of National Bank of Kenya (NBK), bringing the Nigerian lender a step closer to expanding its presence in East Africa.
The Central Bank of Kenya (CBK) and the National Treasury signed off on the deal last week, nearly a year after Access Bank first expressed interest.
In a statement issued on Monday, CBK Governor Kamau Thugge confirmed that the acquisition had been approved on 4 April 2025 under Section 13(4) of the Banking Act.
Treasury Secretary John Mbadi gave his consent six days later, clearing the path for final negotiations. However, the transaction remains subject to regulatory approval in Nigeria.
Access Bank is looking to strengthen its regional footprint through the acquisition, which would see it take full ownership of NBK, a mid-tier lender that has faced persistent financial challenges in recent years.
The bank’s extensive branch network provides an avenue into Kenya’s highly competitive retail banking market.
The value of the transaction has not been disclosed, but KCB Group—which currently owns NBK—stated in March 2024 that it had agreed to sell the lender at 1.25 times its book value.
Based on NBK’s 2023 book value of $79.77 million, the deal could be worth approximately $100 million. The final figure, however, may differ.
If completed, this would mark Access Bank’s second acquisition in Kenya within five years, following its 2020 purchase of Transnational Bank.
The move is part of a wider expansion strategy that has also seen other Nigerian banks—such as UBA and GTBank—pursue growth opportunities across the continent.
NBK has required considerable capital support since KCB acquired it in 2019.
The parent group has injected over $63.5 million into the lender over the past five years in efforts to improve its capital adequacy and guide it back to profitability.
Kenya’s central bank has welcomed the proposed acquisition, highlighting its potential to support the stability of the banking sector.
The regulator noted that the transaction aligns with broader efforts to strengthen the financial system and safeguard depositors’ interests.
With approvals secured on the Kenyan side, attention now turns to Nigerian regulators, whose decision will determine whether the deal proceeds to completion.
