This archive report was first published on 5 October 2019.
On October 4, 2019, KCB Group Plc marked a significant milestone in its expansion strategy with the listing of additional shares at the Nairobi Securities Exchange (NSE) following the successful acquisition of the National Bank of Kenya.
The listing of 142.98 million new shares brings the total number of shares floated at the NSE to 3.2 billion, providing more liquidity and opportunities for investors to participate in the bank's growth.
According to KCB Group Chairman Andrew Wambari Kairu, the listing is expected to enhance the vibrancy of the capital market and fuel continued business growth and the execution of the bank's expansion plans.
"It provides more shares and, therefore, liquidity, on the counter, allowing more investors to be part of the bank," said Kairu.
The takeover of National Bank of Kenya is expected to give the bank a lifeline as a business and fits well within KCB's expansion strategy.
"We see this friendly takeover as an enrichment of the banking heritage that we have created in the country in our more than 120 years of existence," said Kairu during the bell-ringing ceremony to commence the listing of the new shares at the NSE trading floor.
The listing was witnessed by KCB Group CEO and MD Joshua Oigara, NSE CEO Geoffrey Odundo, Capital Markets Authority CEO Paul Muthaura, Central Depository & Settlement Corporation Limited Acting CEO Hilda Njeru, and Competition Authority of Kenya CEO Francis Wang'ombe.
As part of the integration process, KCB has started integrating National Bank of Kenya into its systems, processes, people, and institutional governance, with the exercise expected to be completed within the next 24 months.
