National Bank of Kenya Puts up 9 Vehicles for Sale Amid Takeover by Nigerian Lender
- The Central Bank of Kenya (CBK) okayed the acquisition of the National Bank of Kenya (NBK) by Nigeria's Access Bank
- NBK invited Kenyans to the auction of its vehicles in May 2025, requesting final bid applications by Monday, May 19
- Some of the vehicle models the lender has placed on sale are the Toyota Axio, Mercedes-Benz and Jeep Grand Cherokee
- The bank offered a reserve price ranging from KSh 240,000 and KSh 4 million, promising more sales
Wycliffe Musalia has over six years of experience in financial, business, technology, climate, and health reporting, providing deep insights into Kenyan and global economic trends. He currently works as a business editor at TUKO.co.ke.
National Bank of Kenya (NBK) has invited Kenyans to the sale of its vehicle assets.
Source: Getty Images
This came after the Central Bank of Kenya (CBK) approved the acquisition of the lender by Access Bank.
CBK allowed the Nigerian lender to take the controlling stake (100%) at NBK, which is a subsidiary of Commercial Bank of Kenya (CBK).
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NBK announced the auction of nine vehicles, urging prospective bidders to submit their bids on or before Monday, May 19.
What's the price of NBK vehicles?
The vehicle brands are Mercedes-Benz, Toyota, Jeep, Mitsubishi, and Mazda, among others.
The price ranges between KSh 240,000 and KSh 4 million, depending on the make.
NBK revealed that vehicles will be sold on 'as is where is' basis, meaning those in Kisumu or Mombasa will be auctioned in that location.
Below are the vehicles available for sale by NBK:
| Vehicle | Place | Reserve Price |
| 1. Mitsubishi canter | Mt. Kenya Yard, KEMU | KSh 990,000 |
| 2. Volvo XC60 D4 | Grey Post Auction Yard, Ruiru | KSh 1,200,000 |
| 3. Toyota Ractis NCP 120 | Kisumu Town | KSh 470,000 |
| 4. Mercedes-Benz | Purple Royal Storage Yard | KSh 2,100,000 |
| 5. Mazda Demio | Grey Post Auction Yard, Ruiru | KSh 240,000 |
| 6. Jeep Grand Cherokee | Black Bird Nyali | KSh 2,620,000 |
| 7. Ocean Trailer King | CMC Mikindani | KSh 470,000 |
| 8. Toyota Axio | Collinet | KSh 650,000 |
| 9. Mitsubishi-Fuso | Purple Royal Storage Yard | KSh 4,000,000 |
The lender said it would continue to sell its vehicles. In December 2024, the lender had also invited bidders for the sale of its vehicle assets.
The vehicle brands included Toyota Noah, Toyota Hilux, Toyota Allion, Mitsubishi Canter, Volvo, and Volkswagen Golf, which were available at different yards across the country.
The reserve price for the bids ranged from KSh 300,000 to KSh 4.4 million.
Source: Facebook
How much did Access Bank pay for NBK?
In 2024, KCB Bank announced plans to sell NBK to Access Bank at 1.25 times its book value.
Data indicated that the bank's book value stood at KSh 10.33 billion, translating to a sale of KSh 12.95 billion.
The deal was also approved by the National Treasury and the Competition Authority of Kenya (CAK).
Access Bank is required to absorb about 80% of the National Bank of Kenya workforce.
Proofreading by Mercy Nyambura, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
