Kenya: NBK Gets CMA Nod to De-List From NSE

The National Bank of Kenya has received approval from the Capital Markets Authority(CMA) to de-list from Nairobi Securities Exchange following the full takeover by KCB Group.

NSE, in a statement targeting all shareholders, investors and the general public said NBK will subsequently be removed from the course on 25 November.

“Notice is hereby given on the de-listing of National Bank of Kenya from the Nairobi Securities Exchange with effect from November 25 2021,” read a statement from NSE.

KCB Group announced the complete full acquisition in September 2019

The two listed banks successfully merged in a process that involved a share swap whereby National Bank shareholders exchanged ten NBK shares for one KCB Group ordinary share.

In effect, NBK shareholders were able to trade their shares at the bourse.

KCB said the acquisition of NBK was meant to strengthen both institutions leveraging on their respective well-established domestic and regional corporate, public sector, and retail franchises.

NBK, in its Q3 financial results, posted Sh 1.1 billion profit after tax representing an 1126 percent increase from Shs. 87M in a similar period last year.

The subsidiary has a network of 85 branch outlets across the country, over 1,500 ATMs, and electronic channels of Mobile and Internet Banking.