National Bank of Kenya (NBK) is set to be delisted from the Nairobi Securities Exchange on Thursday following its acquisition by KCB Group through a share swap.
NBK’s shares had already been suspended from trading ahead of the transaction, with the delisting marking the lender’s formal exit from the bourse which will now be left with 11 banks.
“Notice is hereby given on the de-listing of National Bank of Kenya Limited (NBK) from the Nairobi Securities Exchange (NSE) with effect from November 25, 2021,” the bourse operator said in a statement on Monday.
“The de-listing follows the successful takeover of 100 percent shareholding of NBK by KCB Group Plc and NBK shareholders’ approval. All shareholders, investors and the general public are asked to take note of the de-listing.”
In the takeover, NBK investors including the National Treasury and the National Social Security Fund (NSSF) participated in the stock swap at a rate of 10 NBK shares for one in KCB.
KCB allocated a total of 147.3 million shares to the former NBK investors between October 2019 and December 2019.
NBK’s delisting now leaves the bourse with 11 banks. They are Absa Bank Kenya , Bank of Kigali , DTB Group , Equity Group , HF Group , I&M Group , KCB Group , NCBA Group , Stanbic Holdings , Standard Chartered Bank Kenya , and Co-operative Bank of Kenya .