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Competition watchdog approves National Bank acquisition by Nigerian lender

National Bank of Kenya on Kenyatta Avenue, Nairobi. [File, Standard]

The Competition Authority of Kenya (CAK) has approved the acquisition of the entire issued share capital of the National Bank of Kenya (NBK) by Nigerian lender, Access Bank.

The proposed transaction has been approved on condition that Access Bank retains, for a period of one year following completion of the transaction, at least 80 per cent of NBK's current workforce and all Access Bank (Kenya) employees, its local subsidiary.

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