This archive report was first published on 2 September 2019.
On September 2, 2019, the Central Bank of Kenya (CBK) gave its approval for the acquisition of 100% shareholding of National Bank Limited (NBK) by KCB Group PLC.
The acquisition aims to leverage the well-established domestic and regional corporate, public sector, and retail franchises of both institutions, according to the CBK.
KCB Group is a Kenyan non-operating holding company with banking subsidiaries in Kenya, Uganda, Tanzania, Rwanda, Burundi, and South Sudan. The Group also owns non-banking subsidiaries, including KCB insurance agency, KCB capital, and KCB foundation.
NBK was incorporated in 1968 as a wholly-owned government entity but has since shed its shareholding. The bank is listed on the Nairobi Securities Exchange and owns two subsidiaries: NBK Insurance Agency Limited and Natbank Trustees and Investment Service Limited.
