KCB Group has signed an agreement to acquire 85% stake in the Democratic Republic of Congo (DRC)-based lender Trust Merchant Bank (TMB).
The two lenders said in a joint statement that the transaction is expected to close by the end of the third quarter of 2022, subject to regulatory approvals.
KCB Group also said it intends to acquire the remaining 15% stake in TMB in less than two years.
The transaction will be done in cash based on the net asset value of DRC based lender using a price to book multiple of 1.49.
TMB is one of DRC’s largest banks with US$1.5 billion in total assets and more than 110 branches across DRC.