The Central Bank of Kenya (CBK) has approved the transfer of the assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK), paving the way for the two institutions to consolidate their operations.

The regulator said the transaction received its approval on August 17, 2026, under Section 13(4) of the Banking Act. The deal was subsequently sanctioned by National Treasury and Economic Planning Cabinet Secretary John Mbadi on September 21, in accordance with Section 9(1) of the Act.

CBK said the transfer will become effective once the parties complete the transaction in line with the terms of their Business and Assets Transfer Agreement.

The development marks another significant change in the ownership and structure of two banks with a long history in Kenya’s financial sector.

NBK was established in 1968 as a government-owned institution following Kenya’s independence, with a mandate that included expanding access to credit and supporting the country’s economic development. Its ownership changed hands in September 2019 when KCB Group Plc acquired the entire shareholding.

Six years later, Access Bank Plc acquired full ownership of NBK from KCB Group in May 2025.

Access Bank had established its presence in Kenya earlier, entering the market in February 2020 through the acquisition of Transnational Bank Plc. The institution was subsequently rebranded as Access Bank (Kenya) Plc.

Transnational Bank had been operating in the country since December 1985, giving the Kenyan business a history spanning more than four decades.

The latest transaction brings together the Kenyan operations of a banking group with a substantial regional and international footprint. Access Bank Plc, established in Nigeria in 1989, operates as a subsidiary of Access Holdings Plc and has banking interests across several African markets, including Ghana, Rwanda, Zambia, South Africa, Tanzania’s neighbouring markets and Kenya.

The group also maintains operations in the United Kingdom and the United Arab Emirates, as well as representative offices in China, India and Lebanon.

For the Kenyan banking industry, CBK said the transaction is expected to support stability while strengthening the sector’s capacity to withstand financial and economic pressures.

The regulator also said the consolidation could contribute to greater competition in the market, pointing to the potential benefits for the wider banking sector.

“The transfer shall take effect upon completion of the transaction in accordance with the terms of the Business and Assets Transfer Agreement between the parties,” CBK said.