Following KCB Bank Group’s intention to acquire National Bank of Kenya (NBK) and the tussle that is now brewing between the Judiciary and the Executive over that matter; KCB released the below statement on the Share Swap.
KCB Group Plc has taken note of the contents of the report by the National Assembly Departmental Committee on Finance and National Planning which was tabled in the House on August 7, 2019 regarding our offer to acquire 100% of the ordinary shares of National Bank of Kenya Limited (NBK)
KCB has sought and look forward to being given a chance by Parliament to discuss this transaction, which started when KCB Group made the acquisition offer on April 18, 2019.
We are conscious that Parliament has a role to play in national governance and we shall endeavour to uphold the relevant legal and regulatory requirements at every stage of the transaction.
The offer was made in the best interest of KCB and NBK shareholders who have up to August 31, 2019 to make a decision on the offer.
KCB proposed to make the acquisition through a share swap of 10 ordinary shares of NBK for every one ordinary share of KCB. The offer is subject to regulatory approvals pursuant to regulation 4(1) of the of The Capital Markets (Take-overs and Mergers) Regulations, 2002.