KCB Group PLC has obtained critical regulatory approvals to proceed with the sale of National Bank of Kenya (NBK) to Nigeria’s Access Bank PLC, marking a key milestone in one of the region’s most significant banking transactions.
In an official statement, KCB confirmed that the Central Bank of Kenya (CBK) approved the deal on April 4, 2025, in accordance with Section 13(4) of the Banking Act. This was followed by a green light from the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, under Section 9 of the same Act.
Transaction Timeline and Legal Framework
The proposed sale—initiated in March 2024—has since undergone a rigorous due diligence process. KCB and Access Bank have worked closely with regulators and shareholders to meet all legal, procedural, and compliance standards.
As part of the deal structure, the CBK also approved the transfer of certain NBK assets and liabilities to KCB Bank Kenya Limited. This transfer was similarly approved by the National Treasury and is also governed by Section 9 of the Banking Act.
CEO Paul Russo: “A Significant Milestone”
Commenting on the development, 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.”
Russo emphasized that NBK remains a fully owned subsidiary of KCB Group for now, with no immediate changes to the organizational structure or operations.
Commitment to Seamless Customer Experience
KCB has assured customers and stakeholders that service continuity will be maintained throughout the transition phase. All NBK operations will continue as usual until the transaction reaches full completion.
“Our commitment to customers remains unwavering. Service delivery will continue uninterrupted during this transition,” KCB stated.
Strategic Impact on Regional Banking
The sale is seen as a strategic move to strengthen regional banking synergies, allowing Access Bank to expand its footprint in East Africa, while KCB continues to focus on consolidating its core operations and strategic investments.
Once finalized, the transaction is expected to reshape the landscape of cross-continental banking in Africa, connecting West and East Africa through enhanced financial infrastructure and shared expertise.
