KCB Group PLC has received key regulatory approvals from the Central Bank of Kenya (CBK) and the National Treasury, paving the way for the sale of National Bank of Kenya Limited (NBK) to Nigeria’s Access Bank PLC.
In an official communication, KCB Group confirmed that the CBK approved the transaction on 4 April 2025 under Section 13 (4) of the Banking Act. This was followed by approval from the Cabinet Secretary for the National Treasury and Economic Planning on 10 April 2025, in accordance with Section 9 of the Banking Act.
These developments mark a major milestone in a transaction that began in March 2024. Since initiating the sale, KCB Group and Access Bank have collaborated closely with regulatory authorities and shareholders to ensure all legal and procedural requirements are met.
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As part of the broader transaction, the CBK also approved the transfer of certain assets and liabilities of NBK to KCB Bank Kenya Limited. This transfer, also sanctioned by the Cabinet Secretary for the National Treasury on the same respective dates, falls under Section 9 of the Banking Act.
The final acquisition and asset transfer will be executed upon full completion of the transaction in line with the agreed terms between the two parties.
Commenting on the latest developments, 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.”
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KCB Group has assured customers and stakeholders that service delivery will remain seamless throughout the transition period. The Group reaffirmed its commitment to providing dedicated, efficient, and effective services during this phase.
The transaction is expected to enhance regional banking synergies and further strengthen Access Bank’s footprint in East Africa.
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