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KCB wins shareholder backing for NBK takeover

KCB-NBK takeover
Kenya Commercial Bank at Kenya Kipande house. KCB Group on Thursday won shareholder approval for its proposed takeover of National Bank of Kenya [Beverlyne Musili,Standard]

Kenya’s biggest lender by assets KCB Group on Thursday won shareholder approval for its proposed takeover of National Bank of Kenya in a 10-for-1 share swap transaction.

The deal, which still requires the regulatory approval and the backing of NBK’s shareholders, was passed unanimously at KCB’s annual general meeting.

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KCB NBK