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KCB Group is set to sell the National Bank of Kenya

KCB Group is about to sell its subsidiary National Bank of Kenya (NBK), for an undisclosed amount

Reports reaching Inclusion Times reveal that Kenyan lender KCB Group (KCB.NR) is set to announce the sale of its subsidiary, National Bank of Kenya (NBK), to an undisclosed Nigerian bank.

In 2019, the KCB group acquired NBK, a medium-sized lender that was then controlled by the state, in a rescue deal engineered by the central bank.

National Bank of Kenya

KCB Group Plc is a non-operating holding company. The Company, through its subsidiaries, is engaged in the provision of corporate, investment and retail banking services. Its segments include Retail banking, Corporate banking, and Treasury.

With operations in Kenya, Tanzania, South Sudan, Rwanda, Uganda, Burundi, and the Democratic Republic of the Congo, the KCB is one of the biggest lenders in East Africa. As of August 2021, KCB Group had 354 branches, 1,103 ATMs, and 15,273 bank agents and merchant outlets throughout all of its subsidiaries in Kenya alone, with a total asset amounting to US$12.84 billion (KES:1.86 trillion) as of 2023.

The KCB group is yet to make any immediate comments, but reports suggest the Company is scheduled to hold an investor briefing today at 13:00 GMT. Stakeholders and actors in the banking industry are eagerly awaiting the outcomes of this briefing.