This archive report was first published on 7 August 2019.
On August 7, 2019, Kenyan parliamentarians intervened to stop KCB Group's acquisition of the struggling National Bank, citing concerns that the offer significantly undervalued the state-owned institution.
According to Joseph Limo, Chairman of the Finance and National Planning Committee, KCB's offer 'does not reflect the value of NBK.'
The proposed deal involved a share swap, where National Bank investors would exchange 10 shares for every one share of KCB, valuing National Bank at KSh6 billion. However, some investors and lawmakers opposed the deal, arguing that it undervalued National Bank.
