Kenya’s National Treasury Cabinet Secretary (CS), John Mbadi, has approved the full acquisition of the National Bank of Kenya (NBK) by Access Bank Plc.

According to media reports in the East African country, the approval was announced in a gazette notice dated April 11, 2025.

In the notice, Central Bank of Kenya (CBK) Governor, Dr. Kamau Thugge, confirmed that CS, John Mbadi, has approved the transaction.

The reports said the acquisition allowed Access Bank to take up 100 per cent ownership of National Bank, effectively removing National Bank and its bad debt overhang from the books of the Kenya Commercial Bank (KCB) Group, which previously held a majority stake.

It also gives Access Bank control of NBK’s insurance related subsidiary, NBK Bancassurance Intermediary Limited (NBBIL).

“It is notified for information of the general public that pursuant to the provisions of Section 9(5) of the Banking Act, the Board of Directors of KCB Group PLC vide a resolution passed on March 20, 2024, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC as per the Share Purchase Agreement dated March 20, 2024,” read the notice in parts.