KCB appoints designate NBK Managing Director ahead of acquisition
SEE ALSO :Mobile loans lift KCB above EquityThe Competition Authority of Kenya last week granted approval to KCB to finalize the deal.
“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
SEE ALSO :Court quashes bid to stop NBK sale pact“We have set a target to fully integrate NBK into KCB in 24 months from acquisition. During that period, we will be taking a number of integration decisions including how to best structure NBK in order to more excellently deliver value to our customers,” said Oigara. This is the tenth such acquisition in Kenya’s banking history and it is expected to buttress KCB Group’s position as the largest bank by asset base in the East African region.
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