Kenya Commercial Bank (KCB) Group has on Thursday announced its proposed plans to acquire 100% ordinary shares of the National Bank of Kenya (NBK).
Both KCB and NBK are listed in the Nairobi Securities Exchange (NSE) with the offer subject to the approval of shareholders and regulatory approvals.
KCB Group proposes to make the acquisition through a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB.
KCB intends to create stronger institutions through the proposed acquisition of NBK which will further consolidate the banking industry in Kenya with KCB playing the bigger role.
Also read: Safaricom roll out an overdraft facility
Currently, KCB has its presence in six countries with a representative office in Ethiopia as it looks into more opportunities to tap into other opportunities.