Tick tock goes the clock, as the proposed take over of National Bank of Kenya (NBK) by Kenya Commercial Bank (KCB) inches closer.
Requisite approvals are all that stand in the way of the deal, and KCB has received reprieve with the latest being the thumbs up from regulator Capital Markets Authority (CMA).
KCB, through a public announcement dated May 15, said it had received approval from the capital markets regulator.
The lender’s board said, “KCB is pleased to advise its shareholders that it has received the Capital Markets Authority (CMA) approval of the Shareholder’s Circular.”
Kenya’s largest bank by asset base is now awaiting approval from the Competition Authority of Kenya (CAK) as well as the go ahead from shareholders of both lenders.
Published on the KCB website on May 14, the Shareholder’s Circular gives further details to the public regarding the intricacies of the take over deal.
The circular is also meant to give shareholders information required for discussing the take over scheme during KCB’s annual general meeting that is slated for May 30.
Denoted as special business, the proposed acquisition of NBK will be deliberated, with KCB offering a maximum of 147,378,120 ordinary shares to the shareholders of National Bank.