KCB Group to sell its subsidiary National Bank of Kenya, report says

Adds details in paragraphs 2-5

NAIROBI, March 20 (Reuters) - 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.

(Reporting by Duncan Miriri; Editing by Jamie Freed)

((duncan.miriri@thomsonreuters.com; Tel: +254 20 4991239; Reuters Messaging: duncan.miriri.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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