Nigerian lender Access Bank PLC has received regulatory approval to acquire 100 percent of the National Bank of Kenya.
The deal estimated to be worth Ksh13 billion was initially announced in March of 2024. The agreement has been subject to regulatory processes and received the green light from the Central Bank of Kenya last week.
Part of the approval by the Competition Authority of Kenya (CAK) was on condition that Access Bank retains 80 percent of NBK staff for at least one year.
The completion of the deal comes on the backdrop of NBK swinging back to profitability. In its earnings for the period ending December 31st, 2024, NBK posted a net income of Ksh993 million.
Formerly a wholly Government of Kenya-owned lender, NBK was bought off by KCB Group in 2019 but turned out to be a burden on its books.
Access Kenya is expected to announce its plans with the lender that controls 1.2 percent of Kenya’s banking market. NBK today boasts of 80 branches across Kenya.