Kenya’s KCB Group has said it will sell its subsidiary National Bank of Kenya (NBK) to Nigeria’s Access Group.
During an investor briefing on Wednesday March 30, the KCB’s Chief Executive Paul Russo, said the deal was struck at 1.25 times book value, but did not give the exact figure.
He said, “The right thing to do is to accept a binding offer from Access Group.”
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KCB Group shares were up 9.9 per cent following news of the deal.
Access said NBK would help it increase its presence in the country and take advantage of growing trade in the region. The Nigerian firm operates a small unit in Kenya after another acquisition in recent years,
KCB, which is Kenya’s second-biggest lender, bought NBK that was then controlled by the Government, in a rescue deal engineered by the Central Bank in 2019.
By Our Reporter
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