Merging of Kenya Commercial Bank (KCB) and National Bank of Kenya (NBK) will result to a giant bank which in three years’ time will be having a Sh1 trillion in their combined balance sheet.
Notably, Kenya Commercial Bank which is also the biggest lender by assets is also in several other countries among them Uganda, Tanzania, Rwanda, Burundi, and South Sudan.
The amalgamate will be through a share swap and is expected to be completed by October this year.
Upon completion, the deal is set to be approved by the shareholders of the two banks, and the local regulators.
“We KCB Group Plc hereby give notice that we intend to acquire 100 percent of the ordinary shares with a par value of Sh5 of NBK,” KCB board announced in a statement approved by Capital Markets Authority (CMA).
“The offer shall be by way of a share swap of 10 ordinary shares of NBK for every one ordinary share of KCB.”
A standalone subsidiary is to be maintained by the KCB for a period of two years and later NBK will fully integrate into KCB Kenya.
The bank will be having a balance sheet of Sh828 billion after the merge completion, towing over the rivals both locally and in the region.
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