Kenya: Central Bank approves KDIC's offer to acquire stakes in Imperial Bank
Wednesday, 12 December 2018 16:59
Kenyan central bank and Kenyan Deposit Insurance Corporation (KDIC) announced in a statement published December 11, 2018, that they approved the acquisition of Imperial Bank by Kenya Commercial Bank.
"KDIC and CBK are pleased to announce the acceptance of the Binding Offer from KCB", the two institutions indicated.
The leading bank in Kenya in terms of equity, Kenya Commercial Bank submitted an offer to buy Imperial Bank, in September 2018, a local credit institution bankrupted and placed under guardianship in 2015.
The approval of the Kenyan banking sector’s regulator occurs just days after the announcement of discussions about a merger between NIC Bank and Commercial Bank of Africa (CBA). These two transactions indicate a concentration dynamic in the Kenyan banking sector, which is still really fragmented and highly competitive.
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