The Central Bank of Kenya (CBK) has approved the acquisition of 100 per cent shareholding of National Bank Limited (NBK) by KCB Group PLC.
In the press release, CBK said that the acquisition will strengthen both institutions leveraging their respective well-established domestic and regional corporate, public sector and retail franchises.
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. In addition, the Group owns non-banking subsidiary KCB insurance agency, KCB capital, and KCB foundation.
KCB Group oversees operations of the KCB Bank Kenya Limited and all other subsidiaries.
NBK was incorporated in 1968 as a wholly-owned government entity but over the years had shed its shareholding. The bank is listed on the Nairobi Securities Exchange and owns two subsidiaries: NBK Insurance Agency Limited and Natbank Trustees and Investment Service Limited.