Kenya Approves Access' National Bank Acquisition in $100M Deal
TLDR
- The Central Bank of Kenya (CBK) and the National Treasury have approved Access Bank Plc’s acquisition of 100% of National Bank of Kenya (NBK)
- The deal, first initiated nearly a year ago, still requires approval from Nigerian authorities
- While the transaction value hasn’t been disclosed, KCB Group—NBK’s current parent—previously indicated the sale was agreed at 1.25 times NBK’s $79.77 million book value
The Central Bank of Kenya (CBK) and the National Treasury have approved Access Bank Plc’s acquisition of 100% of National Bank of Kenya (NBK), clearing a major regulatory hurdle for the Nigerian lender’s East African expansion. The deal, first initiated nearly a year ago, still requires approval from Nigerian authorities.
In a gazette notice, CBK Governor Kamau Thugge confirmed the approval under Section 13 (4) of the Banking Act, with Treasury Cabinet Secretary John Mbadi also signing off. The acquisition gives Access Bank control of NBK’s nationwide branch network, expanding its footprint in Kenya’s competitive banking sector.
While the transaction value hasn’t been disclosed, KCB Group—NBK’s current parent—previously indicated the sale was agreed at 1.25 times NBK’s $79.77 million book value, implying a deal close to $100 million. Final pricing may vary. This marks Access Bank’s second Kenyan acquisition, following its 2020 purchase of Transnational Bank. The Nigerian bank is expected to inject fresh capital into NBK to strengthen its balance sheet.
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Key Takeaways
Access Bank’s acquisition of National Bank of Kenya signals a deeper push into East Africa as part of its broader pan-African expansion strategy. The deal strengthens Access Bank’s retail and SME banking presence through NBK’s extensive branch network, while providing a platform for regional growth in East Africa’s largest economy. For KCB Group, the transaction allows an exit from NBK after five years and over $63 million in recapitalization efforts. The acquisition follows a trend among Nigerian banks—such as UBA and GT Bank—targeting strategic plays in Kenya to diversify revenue and regional exposure. While the final transaction value may shift from estimates, the capital injection expected from Access will be crucial in stabilizing NBK’s operations and unlocking value. With CBK and Treasury approvals secured, market attention will now turn to execution, post-acquisition integration, and potential synergies as Access consolidates its position in Kenya’s banking landscape.
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