The Competition Authority of Kenya (CAK) has given the green light to Access Bank's acquisition of National Bank of Kenya (NBK) from KCB Group, subject to certain conditions. The deal, which still requires approval from the Central Bank of Kenya (CBK), will see Access Bank retain at least 80% of NBK's current workforce of 1,384 employees for one year.

The acquisition, valued at around $100 million, will significantly expand Access Bank's presence in Kenya, increasing its branch network from 23 to 100 and its market share to 1.9%. The merged entity will face stiff competition from other banks in the market, but CAK believes the deal will not substantially lessen or prevent competition.

The acquisition is expected to be finalized in November, pending CBK approval. Access Bank, which currently operates as a tier 3 lender, will gain a significant boost from the deal, moving it up the ranks in Kenya's banking sector. The acquisition is a strategic move by Access Bank to increase its footprint in East Africa's largest economy.