This archive report was first published on 6 September 2019.
On September 6, 2019, KCB Group confirmed that it had received consent to acquire National Bank of Kenya (NBK) from shareholders holding 87.7% of the issued ordinary shares, following approval by the Capital Markets Authority (CMA).
According to an announcement by CMA, KCB had received consent to acquire NBK from shareholders holding 297,130,033 issued ordinary shares out of 338,781,200 issued ordinary shares, representing 87.7% by the offer closure date on August 30, 2019.
KCB Group Chief Executive Officer and Managing Director, Joshua Oigara, announced that the lender will work towards streamlining human resources, systems, processes, and procedures to fully realise the value of the envisioned combined efficiencies and productivity synergies post the acquisition.
"We will take a number of integration decisions, including rationalisation of our branch network, to enhance service delivery to our customers. Additionally, we will examine the overall human resource needs to enable efficient business organisation," said Oigara.
During the integration period, KCB will work towards streamlining human resources, systems, processes, and procedures to fully realise the value of the envisioned combined efficiencies and productivity synergies post the acquisition.
On completion of conversion and swap processes, KCB will hold 1,432,130,033 ordinary shares comprising 97.17 percent of the total issued share capital of NBK and further apply the provisions of the Capital Markets (Take-overs and Mergers) Regulations, 2002 and Part XXIV, Division 4 of the Companies Act to compulsorily acquire the remaining 41,651,167 issued ordinary shares of NBK.
"We are thankful and excited for the goodwill and support we have received from the shareholders, our regulators, and all the other stakeholders. This is a good start as we get into full transition," said Mr. Oigara.
