This archive report was first published on 22 November 2019.
Published on November 22, 2019, Standard Bank Group, the largest African banking group with a market capitalization of approximately US$23 billion, has received a nod from the Capital Markets Authority (CMA) to increase its stake in listed Stanbic Bank Kenya Limited.
Stanbic Africa Holdings (SAHL), a wholly-owned subsidiary of Standard Bank Group (SBG) Limited, has received approval to acquire a maximum of 23,024,153 additional shares available at the Nairobi Securities Exchange (NSE) belonging to Stanbic Holdings Plc.
According to SAHL, if successful, its shareholding will increase to its target shareholding of just under 75 per cent of the issued ordinary shares in Stanbic Holdings.
Standard Chartered is expected to increase its shareholding in Stanbic Bank Kenya, previously known as CFC Stanbic, from the current 69.10 per cent to its target of just under 75 per cent by December 31, 2020.
SAHL made its intentions clear in March 2018 when it issued a notice to acquire up to 59,000,000 additional ordinary shares in Stanbic Holdings from other shareholders of Stanbic Holdings by means of a tender offer.
