KCB Group PLC completed the acquisition of National Bank of Kenya Limited.
If the offer is accepted by the shareholders holding at least 90% of the offer shares, KCB will initiate the compulsory acquisition of the remaining shares of NBK. If acceptances of 75% of the offer shares are received and subject to approval from the Capital Markets Authority, the offer shares will be delisted from the NSE. As of May 30, 2019, KCB Group has won shareholder approval for the transaction. As of June 14, 2019, NKB shareholders have approved the transaction. As of August 30, 2019, KCB confirmed that it had received consent to acquire 87.7% stake of National Bank from shareholders. As reported on September 2, 2019, the transaction was approved by Central Bank of Kenya. As of September 5, 2019, all the conditions having been satisfied also the competition authority of Kenya approved the transaction. the transaction will be proceeding to completion. On completion, the non-cumulative preference shares of NBK will be converted to share capital. Post the completion, KCB will hold 97.17% of the total issued share capital of NBK. KCB also appointed Paul Russo as the designate Managing Director of National Bank of Kenya. Coulson Harney LLP acted as a legal advisor and KCB Capital Limited acted as a financial advisor to KCB Group PLC.
KCB Group PLC (NASE:KCB) completed the acquisition of National Bank of Kenya Limited (NASE:NBK) in 2019.