Kenya’s second-largest bank, KCB Group, has sold its subsidiary National Bank of Kenya (NBK) to Nigeria’s Access Bank Group.
KCB confirmed the purchase in a statement on Wednesday.
KCB chief executive Paul Russo said the deal was struck at 1.25 times book value, according to Reuters news agency.
“The right thing to do is to accept a binding offer from Access Group,” he said.
KCB acquired then state-owned NBK in a rescue deal in October 2019, after the bank posted recurrent losses.
But KCB has struggled to fix the issues it inherited.