KCB-National Bank deal gets nod
The regulator announced Monday evening that the approval has been granted in accordance with Section 13(1) (e) of the Banking Act, effectively paving the way for the completion of the deal within KCB timelines.
The regulator announced Monday evening that the approval has been granted in accordance with Section 13(1) (e) of the Banking Act, effectively paving the way for the completion of the deal within KCB timelines.
The deal, which is subject to regulatory approval, would see KCB make the acquisition through a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB, giving the latter full control of the state-owned bank.
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According to the Governor, the move is aimed at curbing fraud and money laundering. The notes, he said, have a unique theme and security features and will have various images including the iconic Kenyatta International Convention Centre (KICC) and the big five wildlife. They will also be easy to use by the visually impaired.
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KCB group PLC has served the board of National Bank with a take-over offer document to acquire a hundred percent (100%) of the ordinary shares of the Company upon re-designation…