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The offer by KCB to take over National Bank of Kenya (NBK) is good news for the banking industry. For long, NBK has suffered under bad debts and scandals that have left its financial state in tatters. Management and board changes have been unable to clean up the lender’s books and image, resulting to a lukewarm relationship with the market.
The Government holds majority stakes in both banks, a pointer to the deal being a State intervention to save the troubled lender. If successfully completed it will create an entity valued at more than Sh900 billion and cement KCB’s position as the largest bank in the region. More important, it will offer NBK’s customers much-needed security for their deposits, standing at around Sh100 billion.
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