No Official Bid from KCB for Troubled National Bank of Kenya

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Kenyan market regulators, The Capital Markets Authority (CMA), has refuted claims that an official bid had been received from the KCB Group for a 70percent stake in troubled in the National Bank of Kenya (NBK), saying it was unaware of any official filing.

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

Business Daily Africa had reported that KCB expressed interest in the troubled lender and had approached the country’s key stakeholders, the Treasury and the National Social Security Fund, with respect to acquiring a majority stake.

It was further stipulated that KCB has delivered a written proposal to the Treasury and other majority shareholders of NBK, offering them a share swap deal that will see them own KCB shares in exchange for their stake in NBK.

The Kenyan government is keen on selling off its stake in the national bank in a bid to put an end to the troubles facing the lender. But the market authorities confirmed that an appropriate announcement would be made should any official bid be lodged or any filing made.

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