Published on April 16, 2025 by Agencies for Kenya Online News
Last Updated on 1 year by Agencies for Kenya Online News
KCB Group PLC (KCB Group) has received regulatory approval from the Central Bank of Kenya (CBK) to progress the sale of National Bank of Kenya Limited (NBK) to Access Bank PLC (Access Bank).
This follows CBK’s approval on April 4, 2025, under Section 13 (4) of the Banking Act, and approval by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, pursuant to Section 9 of the Banking Act.
This marks a positive step towards the completion of the transaction that began in March 2024. Since then, the two entities have been working together to complete the transaction, working with regulators and shareholders to acquire the requisite approvals.
As part of the transaction, CBK, on April 4, 2025, further approved the transfer of certain assets and liabilities of NBK 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.
The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the parties. KCB Group CEO Paul Russo stated, “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 assures all stakeholders, including customers, of continued dedicated, efficient, and effective service delivery throughout this transition.
