This archive report was first published on 3 October 2019.
On October 4, 2019, KCB Group will list 147.3 million new shares worth Sh6.2 billion on the Nairobi Securities Exchange, benefiting former owners of National Bank of Kenya.
The shares, most of which will be taken up by the National Treasury and National Social Security Fund, will be freely tradeable on the exchange.
According to KCB, the new shares will be valued at the prevailing market price, lifting the bank's total market capitalisation to Sh135.6 billion from Sh129.3 billion.
The move comes as KCB's share price has gained to Sh42 from lows of Sh38 last month, amid a short-term rally.
Former NBK owners, who had gone for years without dividends and suffered major paper losses, will now be able to ride the coattails of the country's biggest bank by assets and absolute profits.
KCB plans to fully integrate NBK within two years, reorganising the bank's board of directors during the integration period to clean up its top leadership.
