Teargas
JF-Expert Member
- Mar 28, 2021
- 21,849
- 24,773
KCB Group seeks Approval to Acquire BancABC Tanzania Limited
Jackson Okoth
KCB Group PLC has given a merger notification to Tanzania’s Fair Competition Commission (FCC) concerning its intention to acquire entire shares in BancAfrican Banking Corporation Tanzania Limited.
Already, KCB has a presence in Tanzania through its subsidiary KCB Bank Tanzania Limited. BancABC Tanzania is a private liability company incorporated in mainland Tanzania and is licensed by the Bank of Tanzania to engage in commercial banking.
The proposed transaction is expected to increase the Group’s regional footprint as it explores new opportunities.
KCB Group deal with BancABC Tanzania
On November 25th, 2020, the KCB Group Plc entered into a Share Purchase Agreement with Africa Banking Corporation Tanzania Limited whereby KCB intends to acquire all shares of BancABC Tanzania.The FCC has already begun the review and investigation of the intended acquisition to examine whether it is likely to harm competition.
Parties who feel that the merger will have a material effect on their interests are invited to submit their claims, objections or information(petition).
BancABC, with its head offices in Botswana, has a presence in Mozambique, Zambia and Zimbabwe, as well as a service office in South Africa.
KCB Group Plc is East Africa’s largest commercial bank, which was established in 1896 in Kenya. Over the years, KCB Group has grown and spread its wings into Tanzania, South Sudan, Uganda, Rwanda, Burundi and Ethiopia (Rep).
Further to the banking businesses in these markets, KCB Group owns National Bank of Kenya, a Kenyan lender. Today, KCB Group Plc has the largest branch network in the region with 360 branches, 1,090ATMs and over 23,230 merchants and agents offering banking services on a 24/7 basis in East Africa
Source: Kenyan Wall Street
