KCB offers to buy out National Bank

The Kenya Commercial Bank has offered to buy out the National Bank of Kenya.

The deal will see Kenya’s biggest bank by asset base become the biggest lender in the region.

The lender said on Thursday it had made an offer to acquire 100 percent of the ordinary shares of NBK.

Both KCB and NBK are listed on the Nairobi Securities Exchange (NSE).

"KCB proposes to make the acquisition through a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB," the bank said in a statement