Nairobi, May 7 -- Nigeria's Access Bank paid Sh15.8 billion to acquire National Bank of Kenya (NBK) from KCB Group, earning the Nairobi bourse-listed lender a premium of Sh3.18 billion.

KCB Group has disclosed the payout it received from the Nigerian lender for assets valued Sh12.6 billion, underlining the premium foreign lenders are willing to pay to set up shop in Kenya.

The lender has informed investors that it received Sh12.83 billion in cash, with the balance of Sh2.97 billion being paid later to the Kenyan bank.

Access Bank acquired NBK last year in the quest for a larger market share, notably in the retail market, where the deal upgraded it to mid-tier status with over 100 branches across the country. It first entered the Kenyan...