This archive report was first published on 9 August 2019.
Published on August 9, 2019, KCB Group has sought Parliament's indulgence in relation to the company's acquisition of the National Bank of Kenya (NBK).
The bank's offer of Ksh.3.80 per share has been rejected by Parliament, citing NBK as a strategic State asset.
However, the Treasury has upheld the offer, stating that the proposed merger of the two banks was intended to consolidate government interest.
"The government in its strategic role, recognized the need for strong and stable banks in support of its fiscal responsibilities," Treasury Acting Cabinet Secretary Ukur Yattani said.
The board of the National Bank of Kenya has already resigned itself to KCB's offer, with no further competing bids in sight.
While Parliament stands as the greatest stumbling block to the transaction, the deal has been propped by the recent dismissal of legal proceedings against NBK's takeover.
