| Updated Tue, June 13th 2017 at 08:54 GMT +3National Bank of Kenya (NBK) shares soared by nearly a tenth yesterday after KCB Group expressed interest in acquiring the struggling State-owned lender. At the close of trade yesterday, NBK shares had risen to Sh7.65 apiece, helped in part by news of a Sh2.9 billion fresh cash injection by the National Social Security Fund (NSSF), one of the bank’s shareholders. Under the proposed acquisition plan NBK shareholders will be given shares in KCB, but only after due diligence has been finalised to determine the fair value of the targeted lender. A project manager has been appointed at the National Treasury to handle the acquisition and possible merger of other Government-owned banks. NSSF controls 48 per cent of the ordinary shares while Treasury has a 22.5 per cent stake.

Source: Standard Digital June 13, 2017 05:48 UTC