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Kenya markets watchdog has not received notice of National Bank takeover plan
June 20, 2017 / 8:10 AM / 6 months ago

Kenya markets watchdog has not received notice of National Bank takeover plan

NAIROBI, June 20 (Reuters) - Kenya’s capital markets regulator said on Tuesday that it had not received any notification about a proposed acquisition by KCB Group of a stake in National Bank of Kenya.

Last week, documents seen by Reuters showed that KCB had proposed taking over National Bank through a share swap, saying it would initially take over 70 percent of its shares, before announcing its offer for the remaining stake.

“We wish to clarify that no regulatory filings have been made to the Authority by KCB Group regarding this matter and no confirmation of the existence of such a transaction has been received,” the Capital Markets Authority said in a statement.

KCB’s Chief Executive Joshua Oigara confirmed that the bank had sent an expression of interest in acquiring a controlling stake in NBK to the finance ministry but offered no more details.

Kenya’s banking sector is experiencing consolidation after the closure of three lenders last year exposed weaknesses caused by lapses in corporate governance. (Reporting by George Obulutsa; Editing by Susan Fenton)

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