Kenya’s biggest lender by assets, KCB Group, expects to complete its acquisition of National Bank of Kenya by October, it said on Thursday. KCB, which also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan, last month offered to buy National Bank (NBK) through a share swap of one KCB share for every 10 of NBK, joining a wave of consolidation in Kenya’s banking industry. CBA Group, a privately held bank, is also in the process of merging with NIC Group to form the third-biggest bank by assets in East Africa. KCB is also finalizing the acquisition of Sh25 billion ($247 million) worth of assets from Imperial Bank, which collapsed in 2015. It had assets of Sh714.3 billion last year, while NBK had Sh114.8 billion worth of assets.

Source: The Star May 16, 2019 13:41 UTC