The National Bank of Kenya, which was fully acquired by KCB Group in 2019, is set to delist from the Nairobi Securities Exchange. A statement from the NSE said the formerly state-owned bank, which now operates as a subsidiary of KCB, will leave the NSE on 25th November, marking yet another low moment for the stock market.
“Notice is hereby given on the de-listing of National Bank of Kenya Limited (NBK) from the Nairobi Securities Exchange (NSE) with effect from November 25, 2021,” the statement says.
The de-listing follows the successful takeover of 100% shareholding of NBK by KCB Group Plc and NBK shareholders’ approval.
After the September 2019 takeover, KCB has been working to integrate the bank lender into its stable through an integration team comprising of staff from KCB and NBK. It has been streamlining human resources, systems, processes and procedures.
KCB Group Chief Executive Officer and Managing Director, Joshua Oigara, said the plan is to fully integrate NBK into KCB by end of this year.
The de-listing is approved and issued by the Capital Markets Authority pursuant to Regulation 22(4) C of the Capital Markets (Securities) (Public Offers, Listing & Disclosures) Regulations 2002. All shareholders, investors and the general public are asked to take note of the de-listing.
NBK joins energy company Kenol Kobil which was delisted in August 2019 after the successful acquisition by Rubis Energie S.A.S. The oil distributor was acquired at a cost of KSh36 billion.