Jamii Bora Bank has confirmed that its in talks on potential acquisition by CBA adding that there have been ongoing discussions between management and board of both banks for the last five months.
The acting CEO Tom Kabiru said that the transaction is not final but it demonstrates there is an active appetite in the new market for new investment into the bank.
“The transaction is not final and is only one of a number of potential investment options being considered by the board.
“The board and management team of the bank are confident that a transaction will be agreed and implemented in the coming months which will greatly improve the bank’s capacity to service its target market,” Kabiru said.
This confimation reinstates earlier reports that CBA had made a Sh1.4 billion cash offer to buy out Jamii Bora Bank.
Acquisition bid of the bank comes a month after CBA and NIC Group PLC announced that their Boards of Directors had authoried the commencement of discussions regarding a potential merger of the two entities.