Finance
KCB’s Stock Surges as Bank Divests From National Bank of Kenya
- Shares up over 65% this year as bank’s performance improves
- Deal completion set to provide KCB with capital relief
A KCB Bank location in Nairobi, Kenya.
Photographer: Patrick Meinhardt/BloombergThis article is for subscribers only.
Shares of KCB Group Plc, Kenya’s largest bank by assets, surged to their highest level since May as investors priced in the potential for a higher dividend payout on the back of its sale of National Bank of Kenya Ltd.
Initiated in March, the transaction with Access Bank Plc would mark the end of KCB’s involvement with NBK, a subsidiary it acquired in 2019 but struggled to turn around due to persistent losses. KBC at the time said closing the deal would take six to nine months.