The Kenya Commercial Bank Group hopes to grow the net worth of its subsidiary, National Bank of Kenya, to recoup the capital it pumped into the lender.
The KCB Group hopes to recoup an equivalent of the KSh14.6bn ($110m) capital before selling 100% of the asset to Nigeria’s Access Bank in the coming months. The binding agreement with Access Bank has a price tag of 1.25 times the book value of NBK, meaning the actual acquisition cost will vary depending on the performance of the subsidiary in the coming months.
The projection is based on the good performance that NBK has demonstrated in the first two months of 2024, according to KCB finance director Lawrence Kimathi.
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