Kenya’s central bank approves Kenya’s KCB Group acquisition of NBK

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NAIROBI (Reuters) – Kenya’s central bank on Monday approved KCB Group’s acquisition of National Bank of Kenya.

KCB is Kenya’s biggest lender by assets. Lenders in the East African nation have turned to consolidation to boost profit growth after the government capped commercial interest rates in 2016, crimping their margins.

NBK was founded by the government in 1968 but is now listed on the Nairobi Stock Exchange.

Reporting by George Obulutsa; Writing by Maggie Fick; Editing by Katharine Houreld

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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