The Common Market for Eastern and Southern Africa (COMESA) Competition Commission has given Nigerian financial institution, Access Bank, the go-ahead to acquire the National Bank of Kenya (NBK).

This means Access Bank will have complete ownership of NBK’s issued share capital, which its parent company, KCB Group, currently holds.

Recall that Access Bank recently acquired banks in some East African countries, including Tanzania, Uganda and Zambia.

As part of the acquisition plans, the Nigerian bank will also assume control of NBK’s subsidiaries, which includes NBK Bancassurance Intermediary Limited and KCB Asset Management Limited.

Access Bank has now solidified its presence in East Africa with the acquisition of these banks.

COMESA however clarified that the acquisition of the National Bank would not adversely affect public interest, thereby granting approval for the transaction.

The commission said: "The CID determined that the merger is not likely to substantially prevent or lessen competition in the Common Market or a substantial part of it, nor will it be contrary to public interest.

"The CID further determined that the transaction is unlikely to negatively affect trade between Member States."