Kenya: Regulator ‘unaware’ of KCB’s takeover bid of National Bank, cautions public

The markets regulator has said it is not aware of any possible acquisition of National Bank of Kenya shares by the Kenya Commercial Bank (KCB).

The Capital Markets Authority (CMA) said KCB has not made any regulatory filings regarding the proposed acquisition of NBK’s majority shares.

KCB reportedly lodged an expression of interest to acquire 70 per cent of National Bank Shares, setting the stage for a merger of two of the largest state-controlled banks.

“We wish to clarify that no regulatory filings have been made to the Authority by KCB Group regarding this matter and no confirmation of the existence of such a transaction has been received.” CMA said in a statement signed by chief executive Paul Muthaura.

The regulator has consequently cautioned the public dealing with the shares of both banks, adding that it make an appropriate direction in the event that details of such a transaction are filed.

Credit: Business Daily

Published on 20 June 2017 | 8:19 am at Source