KCB group has expressed interest in acquiring 100 percent of National Bank’s shares listed at the Nairobi Securities Exchange. The acquisition is expected to occur through a share swap whereby NBK shareholders will exchange 10 ordinary shares for 1 ordinary share of KCB group.
In a statement to the press, the CEO of KCB Group Joshua Oigara said the move is aligned to KCB’s growth strategy. According to Mr. Oigara, the acquisition would give the bank “…..a stronger edge to play a bigger role in the financial inclusion agenda. [It] would accelerate the Group’s growth ambitions and enhance value to all stakeholders.”
KCB Group is the largest bank in the East African region by assets. It has operations in six regional markets namely; Kenya, Uganda, Tanzania, Rwanda, Burundi, and South Sudan. The lender also has a representative office in Ethiopia. The bank recently got approval to acquire five branches of Imperial Bank.