NAIROBI (Reuters) – KCB Group, Kenya’s biggest lender by assets, has proposed to take over National Bank of Kenya through a share swap, to increase its share of the government’s banking business, documents seen by Reuters showed on Monday.
Kenya’s banking industry is undergoing consolidation after the closure of two mid-sized lenders and a third smaller one, in the months to April 2016, exposed weaknesses caused by corporate governance lapses.
KCB and National Bank of Kenya share the same largest shareholders, the state and the state’s pension fund, and they have both traditionally competed for the government’s banking business, including deposits.
In its proposal, KCB, which also operates in neighbouring countries, said it would initially take over 70 percent of shares of National Bank of Kenya, before announcing its offer for the remaining stake.
It said in the documents it would offer shares of KCB to the owners of National Bank of Kenya to complete the deal, but it was also open to other transaction modes.
(Reporting by Duncan Miriri, editing by Louise Heavens)
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
Watch, leave your comments, and share to create more awareness on this issue.
#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com