Regional lender Kenya Commercial Bank (KCB) has announced its intention to acquire the struggling state-owned National Bank of Kenya (NBK) through a share-swap.
The transaction which will lead to the delisting of NBK stock, currently trading at below the par value of Ksh5 ($0.05), on the Nairobi Securities Exchange (NSE)
The deal is subject to shareholder and regulatory approvals.
In a statement Thursday, KCB said the acquisition would be by way of a share swap of 10 ordinary shares of NBK for every one ordinary share of KCB.
“In all respects, the offer shares will be acquired free from all liens, charges, encumbrances and other interests and together with all rights now and thereafter attaching thereto including the right to receive all dividends and other distributions hereafter declared, made or paid,” said Joseph Kania, KCB Group Company Secretary.
Last year, KCB—the region’s largest lender by assets —posted a 22 per cent growth in net profit to Ksh24 billion ($240 million) from Ksh19.7 billion ($197 million) in 2017.
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