WED, MAR 20 2024-theGBJournal|The Board of Directors of KCB Group Plc has confirmed that it has entered into a share purchase agreement for the sale of National Bank of Kenya Limited (NBK) to Nigeria’s multinational bank, Access Bank Plc.
”If the proposed transaction is successfully completed, would result in Access Bank acquiring 100% of of the issued ordinary shares in National Bank of Kenya Limited (NBK) from KCB,” KCB said in a cautionary statement released today.
Recall that theG&BJournal reported earlier today of the move which will see Access Bank boost its position in the Kenyan market.
”The completion of the proposed transaction is subject to conditions that are customary for transactions of this nature including but not limited to, receipt of all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria (CBN), the COMESA Competition Commission, and if required, the Capital Markets Authority of Kenya, and notifications to other relevant regulations,” KCB noted.
Upon comletion of the acquisition, NBK, a public company limited by shares duly incorporated and registered in Nairobi, Kenya, will become a subsidiary of Access Bank.
KCB has, consequently advised investors to exercise caution when dealing in the shares of KCB on the Nairobi Stock Exchange and the Dar es Salaam Stock Exchange.
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