KCB Group To Sell Its Subsidiary National Bank Of Kenya, Report Says

 

Kenyan lender KCB Group (KCB.NR), is set to announce the sale of its subsidiary National Bank of Kenya (NBK), the Daily Nation newspaper reported on Wednesday, citing unnamed sources.

The value of the proposed deal has not been disclosed, the Daily Nation reported, adding the bank was likely to be sold to an unidentified lender from Nigeria.

KCB, which is the second-biggest lender in the East African nation, acquired NBK, a medium-sized lender that was then controlled by the state in 2019, in a rescue deal engineered by the central bank.

There was no response from KCB when Reuters sought confirmation of the report of a potential sale. There was also no immediate response from the central bank.

KCB is scheduled to hold an investor briefing at 1300 GMT.

BY CITIZEN DIGITAL