Nairobi Securities Exchange (NSE) has announced the delisting of the National Bank of Kenya from the bourse on 25th November 2021.
“The delisting follows the successful takeover of 100 per cent shareholding by KCB Group Plc and NBK shareholders’ approval,” the NSE said in a notice to the public.
The move has been approved and issued by the Capital Markets Authority.
Initially, KCB Group had said it would not delist the bank but suspend the stock from Sept. 2 2019 after NBK failed to list it as part of the resolution during the 14 June 2019 Annual General Meeting.
NBK, a subsidiary of KCB Group, recorded a twelve-fold increase in profit for Q3 2021 to Ksh 1.1 billion on the back of a 14 per cent growth in operating income to Ksh 7.7 billion.
Its total interest income grew by 23 per cent to Ksh 8.9 billion.
The lender’s total assets grew by 13 per cent to KSh 146 billion, majorly from net loans and advances, which were up by KSh 12 billion to KShs. 65 billion.
National Bank participates in Corporate Banking, Business Banking, Retail Banking and Islamic Banking.