After KCB Group's investor briefing, the company announced that it has agreed to sell its subsidiary, National Bank of Kenya (NBK), to Nigeria's Access Group, KCB's chief executive said Today. Following news of the deal, KCB Group shares were up 9.9%.
Access Group, which already runs a small unit in Kenya, will benefit from the recent deal, which will allow the Group to expand in the country and take advantage of growing trade in the region.
Commenting on the deal, Access CEO Roosevelt Ogbonna said, "The transaction represents an important milestone for the bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market."
