The Central Bank of Kenya (CBK) has approved the acquisition of 100 percent shareholding of National Bank Limited (NBK) by KCB Group PLC.
“The acquisition will strengthen both institutions leveraging on their respective well-established domestic and regional corporate, public sector and retail franchises,” said the Central Bank of Kenya on Monday.
KCB Group is a Kenyan non-operating holding company that owns banking subsidiaries in the East African region in Kenya, Uganda, Tanzania, Rwanda,
Burundi and South Sudan. It also has a representative office in Ethiopia. In addition, the Group owns non-banking subsidiaries namely; KCB Insurance
Agency, KCB Capital, and KCB Foundation. KCB Group oversees operations of KCB Bank Kenya Limited and all other subsidiaries.
NBK was incorporated in 1968 as a wholly-owned Government entity. The Government of Kenya has over time, reduced its shareholding in NBK. The
bank is listed at the Nairobi Stock Exchange and owns two subsidiaries: NBK Insurance Agency Limited, and Natbank Trustee and Investment Service
KCB will announce the offer results on September 13, while the swapped shares will be credited into the trading accounts of NBK shareholders on September 27.