Access Bank’s planned acquisition of the National Bank of Kenya (NBK) from Nairobi-based KCB Group has received regulatory approvals from the Central Bank of Kenya (CBK) and the National Treasury—but uncertainty remains over the deal’s final execution, as questions emerge around the transfer of assets and liabilities.
The CBK confirmed in a statement dated April 14 that it had approved the acquisition of NBK by Nigeria’s Access Bank PLC on April 4, under Section 13(4) of the Banking Act. The Cabinet Secretary for the National Treasury and Economic Planning subsequently gazetted the transaction on April 11.
But the regulator also disclosed that, as part of the transaction, it approved the transfer of “certain assets and liabilities” of NBK to KCB Bank Kenya Limited, a sister subsidiary within KCB Group. That disclosure has triggered speculation among analysts that the deal may be facing complications.
“The Central Bank of Kenya has released a statement on the acquisition of National Bank of Kenya by Nigeria’s Access Bank,” said Amboko H Julians, a Nairobi-based economist and banking sector analyst. “Here’s the kicker… the transaction includes transfer of certain assets & liabilities of National Bank of Kenya to KCB Bank Kenya. A deal is never done, until it is really done.”
The structure suggests the possibility of a partial divestment rather than a full sale as initially signalled by both banks, potentially complicating the integration process for Access Bank.
Access Bank, a subsidiary of Lagos-based Access Holdings, had announced its intent to take over NBK as part of its broader pan-African expansion strategy. The Nigerian lender, which has subsidiaries across 15 African countries as well as in the UK and UAE, has been aggressively acquiring banking assets to deepen its continental presence.
NBK was incorporated in 1968 as a state-owned institution to widen credit access in post-independence Kenya. KCB Group took full control of the bank in 2019 as part of efforts to consolidate operations and turn around the underperforming lender.
KCB Group has not issued a fresh statement clarifying the restructuring of assets under the deal. The absence of full financial disclosures has further fuelled speculation that final negotiations are still ongoing.
While the CBK has welcomed the acquisition, saying it will enhance stability in the Kenyan banking sector, the ambiguity around the transfer of assets has prompted caution among market watchers.
