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Why KCB dropped NBK after investing Sh14bn
From left: KCB finance director Lawrence Kimathi, chairman Joseph Kinyua and CEO Paul Russo during the release of the 2023 full-year financial results in Nairobi on March 20, 2023. PHOTO | POOL
KCB Group is letting go of the National Bank of Kenya (NBK) about four years after the acquisition in a development that underlines the pressure that the loss-making unit had brought upon the more than 100-year-old lender.
KCB’s board had since September last year toyed with different ideas including putting in an additional capital — something it had done on several occasions before. But NBK looked like a bottomless pit.
