MK254
JF-Expert Member
- May 11, 2013
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Sasa KCB kuhudumia wananchi milioni 90 kule DRC.
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KCB Group will officially begin operations in the Democratic Republic of Congo (DRC) after its acquisition of a majority stake in the Trust Merchant Bank (TMB) received nod from regulators, allowing it to expand its services into one of the continent’s most populated countries.
The Kenyan lender announced in a statement on Friday that it had received approvals from regulators in Nairobi, Kinshasa and the region’s trading bloc, the Common Market for Eastern and Southern Africa (Comesa) Competition Commission, to buy 85 percent of TMB.
The acquisition allows KCB access to the vast DRC market, with an estimated population of 90 million, expanding its foothold in the region’s markets amidst a scramble among the largest lenders to enter the DRC market after its entry into the East African Community earlier in the year.
KCB announced the acquisition deal with TMB shareholders in August, and is expected to close by end of this month. The lender said that “existing shareholders will continue to hold the balance (15 percent) for a period of not less than two years after which KCB will acquire their assets”.
www.theeastafrican.co.ke
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KCB Group will officially begin operations in the Democratic Republic of Congo (DRC) after its acquisition of a majority stake in the Trust Merchant Bank (TMB) received nod from regulators, allowing it to expand its services into one of the continent’s most populated countries.
The Kenyan lender announced in a statement on Friday that it had received approvals from regulators in Nairobi, Kinshasa and the region’s trading bloc, the Common Market for Eastern and Southern Africa (Comesa) Competition Commission, to buy 85 percent of TMB.
The acquisition allows KCB access to the vast DRC market, with an estimated population of 90 million, expanding its foothold in the region’s markets amidst a scramble among the largest lenders to enter the DRC market after its entry into the East African Community earlier in the year.
KCB announced the acquisition deal with TMB shareholders in August, and is expected to close by end of this month. The lender said that “existing shareholders will continue to hold the balance (15 percent) for a period of not less than two years after which KCB will acquire their assets”.
Buy shares
The lender said at the time that it would pay for the shares through a cash consideration based on the net asset value of TMB at the completion of the proposed transaction and using a price-to-book multiple of 1.49.
KCB finalises acquisition of DRC bank after regulatory approval
The acquisition allows KCB access to the vast DRC market, with an estimated population of 90 million.
www.theeastafrican.co.ke
