This archive report was first published on 18 October 2019.
On October 18, 2019, KCB Bank completed its takeover of National Bank, marking a significant shift in the lender's leadership. The move saw the replacement of six directors, including fiery trade unionist Francis Atwoli, who was among those let go.
Only two directors, Jones Nzomo and Linnet Mirehane, were retained on the National Bank board, which will be chaired by John Nyerere, a director in KCB Tanzania and the chairman of KCB Capital.
The takeover process, which saw National Bank shareholders issued with one KCB share for every 10 held, has paved the way for a smooth transition, according to National Bank Company Secretary Habil Waswani.
"The board seamlessly oversaw the takeover process that now gives both customers and shareholders a new lease of life in terms of greater business opportunities through National Bank becoming part of the KCB Group," said Mr Waswani.
The removal of Atwoli and others is a reflection of the dilution of NSSF's shareholding after the takeover, as the public pension manager controlled a 48 per cent stake in National Bank.
SEE ALSO: Court quashes bid to stop NBK sale pact
