The Competition Authority of Kenya (CAK) has approved the acquisition of the National Bank of Kenya (NBK) by Nigeria’s Access Bank PLC, contingent upon Access Bank retaining at least 80% of the workforce.
Access Bank Kenya, licensed by the Central Bank of Kenya (CBK), holds a 0.2% market share and operates 23 branches in 12 counties. NBK, a subsidiary of Kenya Commercial Bank (KCB), is listed on the Nairobi Securities Exchange (NSE).
This acquisition aligns with Access Bank's expansion strategy in East Africa, subject to regulatory and workforce retention conditions.
CAK approved the acquisition on the condition that the Nigerian lender retains at least 80% of the National Bank's workforce and its local subsidiary, Access Bank Kenya, for a year after the transaction. "This transaction has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market for financial services," CAK stated on Wednesday, October 30. Access Bank Kenya is licensed by the Central Bank of Kenya (CBK) and has 23 branches across 12 counties.