There were protests against the Kenya Commercial Bank and National Bank Of Kenya acquisition this morning, Kenyan Business Feed can exclusively report.
The group of protesters carried placards as they protested against the move by Kenya’s biggest bank KCB to buy the National Bank Of Kenya. The protests happened around the Hilton Hotel, we can confirm.
The planned merger between Kenya’s biggest lender by assets, KCB Group, and the State-owned National Bank of Kenya (NBK) is set to create a giant bank whose combined balance sheet is expected to hit Sh1 trillion in three years.
KCB, which also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan, last month offered to buy NBK through a share swap of one KCB share for every 10 of NBK.
As of Monday, The National Assembly wanted the National Bank of Kenya (NBK) management to explain why it had been reluctant to submit its financial statements to the Office of Auditor General.
The MPs had raised eyebrows about a possible syndicate to conceal malpractices.
A letter from the Office of the Clerk to the National Assembly addressed to the bank’s Managing Director Wilfred Musau, who is an accused rapist, wants an explanation why the bank has declined numerous audit requests from Auditor-General Edward Ouko.
More updates on KCB-NBK Intrigues to follow