KCB has appointed Paul Russo as the designate Managing Director of NBK as it formally takes over for a transitional 2-year period. Russo, is the current KCB Group Director of Regional Businesses.
The acquisition makes KCB the largest bank by asset base in the East African region. The Central Bank of Kenya had no objection to KCB’s 100 percent acquisition of NBK. The Competition Authority of Kenya last week granted KCB approval to finalize the deal. Upon complete acquisition, NBK is expected to operate as a subsidiary of KCB Group for a maximum period of two years.
“We are confident that we shall conclude this process shortly following the receipt of the necessary approvals. We have received a good indication from NBK shareholders and we shall announce the official results within the legally stipulated timelines so as to get into the next steps of the transaction,” said Joshua Oigara, KCB group Chief Executive Officer.
“We have set a target to fully integrate NBK into KCB in 24 months from acquisition. During that period, we will be taking a number of integration decisions including how to best structure NBK in order to more excellently deliver value to our customers,” said Oigara.