KCB Group to sell National Bank of Kenya

Kenyan lender KCB Group, symbolized as KCB.NR, is reportedly on the verge of announcing the sale of its subsidiary, National Bank of Kenya (NBK), as per the Daily Nation newspaper’s report on Wednesday. The information, attributed to unnamed sources, lacks disclosure regarding the proposed deal’s value. However, the report suggests that the bank is likely to be acquired by an undisclosed lender from Nigeria.

KCB, the second-largest lender in the East African nation, acquired NBK in 2019. At the time, NBK, a medium-sized lender, was under state control. The acquisition was part of a rescue deal orchestrated by the central bank.

Upon Reuters’ inquiry for confirmation of the potential sale report, there was no response from KCB. Similarly, there was no immediate response from the central bank.