The acting CabinetSecretary National Treasury and Planning has released a statement supporting the KCB-NBK merger deal.
In a press statement seen by Kenyan Wallstreet, Ambassador Ukur Yatani applauds the completion of the consolidation of government investments in Kenya Commercial Bank and National Bank of Kenya.
Necessary approvals
The CS said that the deal gained approval from relevant institutions such as Capital Markets Authority, Competition Authority of Kenya, and Central Bank of Kenya.
The treasury believes that the merger deal will result in a stronger and more robust financial institution that will support the government’s financial sector strategy.
Moreover, Amb Yatani noted that NBK will operate as a subsidiary of KCB thus will continue to offer services to customers without any interruptions.
