Kenya’s KCB Group to sell its NBK Bank

Kenyan KCB Group plans to sell its subsidiary National Bank of Kenya (NBK), the second biggest lender in the country, the Daily Nation newspaper reported.

Citing anonymous sources, Daily nation said the value of the proposed deal has not been disclosed, adding the bank was likely to be sold to an unidentified lender from Nigeria.

The news sent KCB Group shares 7% high on the Nairobi stock exchange

Before KCB bought the bank in 2019, NBK was a medium-sized lender that was then controlled by the state.