Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

Kenya Commercial Bank to finalize acquisition of Imperial Bank by September

Friday, 17 August 2018 15:12

(Ecofin Agency) - Kenya Commercial Bank (KCB), the largest bank in Kenya is planning to finalize the acquisition of Imperial Bank, a bankrupted financial institution put under trusteeship in 2015, in September 2018.

The central bank has said they are okay for us to proceed and finalize it. We expect that to be finalized by the end of September”, Joshua Oigara, chief executive officer of KCB, declared.

The banking group present in five countries, in East Africa, did not provide the modalities of this acquisition. It should, however, be noted that the discussions between KCB and Kenya Central Bank were initiated months ago. In H1, 2018, its after-tax profits grew by 18% to reach Ksh12.1 billion.

It is also worth noting that KCB is not the only bank which expressed its interest in buying Imperial Bank. Indeed, Diamond Trust Bank Kenya Ltd also sent an offer.

Chamberline Moko





 
Mining


 
Telecom


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.