Questions raised over proceeds of NBK branch sales

Questions raised over proceeds of NBK branch sales

Questions have emerged over the proceeds of the 2015 sale of National Bank of Kenya (NBK) branches to meet regulatory requirements.

The National Assembly’s Finance Committee probing the impending sale of the bank to KCB Group heard on Tuesday that the NBK board sanctioned the sale of the 13 branches in February 2015 to improve on the bank’s liquidity. NBK Chairman Mohamed Hassan told the committee the lender booked Sh759 million from disposing of the assets, which allowed it to write new loans worth Sh4 billion.