KCB Group Plc has announced the completion of the acquisition of Trust Merchant Bank SA after receiving all the regulatory approvals.
The Group now owns 85% controlling stake in the Democratic Republic of Congo (DRC) based lender.
KCB Group obtained the regulatory green light in Kenya, the Democratic Republic of Congo and COMESA Competition Commission, setting the stage for the Group to acquire the 85% of the shares in Trust Merchant Bank.
“The transaction will enable KCB to accelerate its market presence in the DRC in the near term by leveraging on Trust Merchant Bank’s 18-year operational history, vast branch network, valuable local customer relationships and deep knowledge of local business dynamics,” KCB’s statement said in part.
More to follow
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