National Bank shareholders approve conditional conversion of preference shares to ordinary shares

From right to left: National Bank CEO Wilfred Musau, National Bank Chairman Mohamed Hassan and the Bank's Company Secretary Habil Waswani at the Bank's 50th Annual General Meeting

NAIROBI, KENYA: National Bank of Kenya Limited (“NBK) shareholders have overwhelmingly approved the conditional conversion of preference shares into ordinary shares upon the completion of a proposed Take-Over bid by KCB Group or a competing bid.

According to the Offeror’s Statement (“Offer”) received by NBK, KCB intends to acquire up to 100% of the ordinary shares of NBK through a share swap of one (1) ordinary share of KCB for every ten (10) ordinary shares of the NBK.