This archive report was first published on 10 July 2020.
On July 10, 2020, the Moi family and their associates received a Ksh. 1.4 billion payment after selling a majority stake in Transnational Bank to Access Bank.
Transnational Bank, which has 18 branches across the country, is associated with the Moi family and their allies, including Joshua Kulei, Simeon Nyachae, and the late George Saitoti.
The deal, which was valued at Ksh. 1.8 billion, was discounted to Ksh. 1.4 billion, with Access Bank seeking to expand its footprint in the continent.
This acquisition is the latest in the banking industry, following the merger of CBA and NIC Bank to form NCBA Bank in August 2019.
It is worth noting that the merger of CBA and NIC Bank was met with controversy, with the Commercial Bank of Africa (CBA) being exempted from paying share transfer tax in its merger with NIC Bank.
The Business Daily reported that then-Treasury CS Henry Rotich had exempted CBA from paying share transfer tax, with the two banks merging to form a new entity that would become the third-largest bank in Kenya.
