Money & Careers
KCB Group is set to take over control of National Bank of Kenya (NBK) this week after receiving regulatory approvals for acquisition.
“We are confident that we shall conclude this process shortly following the receipt of the necessary approvals. We have received a good indication from NBK shareholders and we shall announce the official results within the legally stipulated timelines so as to get into the next steps of the transaction,” said Joshua Oigara. The transaction is subject to regulatory approvals pursuant to regulation 4(1) of the of The Capital Markets (Take-overs and Mergers) Regulations, 2002. The acquisition is part of KCB’s ongoing strategy to explore opportunities for new growth while investing in and maximizing the returns from the Group’s existing businesses. It is anticipated that upon acquisition, NBK will continue to operate as a subsidiary of KCB Group for a maximum period of two years.
Mr. Russo (@Saagite) who is the KCB Group Director of Regional Businesses will lead the transition team that will report to the KCB Group Chief Executive Officer and Managing Director @JoshuaOigara. pic.twitter.com/NCgZaQdPmb— KCB Group (@KCBGroup) September 3, 2019