KCB Group has announced the sale of its subsidiary, the National Bank of Kenya (NBK), to Access Bank, a Nigerian lender. The deal is valued at approximately Ksh 13.2 billion (around $100 million), based on a multiple of 1.25 times NBK’s book value as of December 2023【7†source】【9†source】. This acquisition is part of Access Bank’s strategy to expand its footprint in East Africa, following its previous acquisition of Transnational Bank in 2019【8†source】【9†source】.
KCB Group’s CEO, Paul Russo, confirmed that the sale will take about six to nine months to finalize, pending regulatory approvals from the Central Bank of Kenya, the Central Bank of Nigeria, the Competition Authority of Kenya, and the COMESA Competition Commission【7†source】【9†source】. This transaction is seen as an opportunity to maximize value for KCB’s shareholders and to address the legacy issues and capital constraints that have plagued NBK【8†source】【10†source】.