The Competition Authority of Kenya (CAK) has approved the buyout of National Bank of Kenya by Access Bank Plc on condition that the acquirer will retain at least 80 percent of the target's employees and all of the staff at the acquirer's local subsidiary - Access Bank Kenya - for one year.
Acquirers often cut jobs when they buy a company and integrate it into their existing operations in order to cut costs and raise efficiencies, with the regulator's decision offering temporary protection to employees against such layoffs.
