AFRICAN BANKER'S WORLD NEWS
KCB MERGES WITH NATIONAL BANK OF KENYA
Kenya's biggest lender by assets, Kenya Commercial Bank (KCB) is set to merge with state-owned National Bank of Kenya (NBK) in a move which will create a combined $10bn balance sheet in three years.
KCB, which also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan, offered to buy NBK through a share swap of one KCB share for every 10 of NBK.
The lender said in the latest circular to shareholders that it expects the takeover dea...