Connect with us

Business News

KCB offers to buy National Bank via share swap : The Standard



Customers wait to be served in the banking hall at the Kenya Commercial Bank (KCB), Kencom branch in Nairobi. (Photo, Courtesy)

NAIROBI, KENYA: Kenya’s biggest lender by assets KCB Group has offered to buy 100 per cent of National Bank of Kenya through a share swap consisting of one KCB share for every 10 of National, KCB said in a letter to National Bank on Thursday.

The offer marks the second major deal among lenders since the government capped commercial lending rates in 2016. CBA Group, a privately held bank, is in process of merging with NIC Bank in a deal announced late last year.
The stock market had earlier in the day suspended trading in both KCB and National Bank shares, without offering an explanation.
There was no immediate comment from National Bank. 

SEE ALSO :Preparations underway for Kajiado rally

Register to advertise your products & services on our classifieds website and enjoy one month subscription free of charge and 3 free ads on the Standard newspaper.

KCBNational Bank of KenyaNBK

Source link