NBK de-listed from security exchange following KCB Group takeover

NBK de-listed from security exchange following KCB Group takeover

National Bank of Kenya (NBK) will cease trading on the Nairobi Securities Exchange (NSE) on Thursday in a notice issued by the Nairobi Securities Exchange (NSE).

The notice issued on Monday to shareholders, investors and the general public by NSE stated that the de-lising of the lender follows full acquisition by KCB Group.

“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 de-listing follows the successful takeover of 100% shareholding of NBK by KCB Group Plc and NBK shareholders’ approval,” said NSE.

KCB Group announced complete full acquisition of the lender in September 2019 following approval by shareholders.

NBK posted a rise in net profit which increased 1126%, from Kshs. 87 million to Kshs. 1.1 billion during nine months of the year ending September 30, 2021.

The profit growth is attributed to increased income from loan interest and foreign exchange trading coupled with lower loan loss provisions and benefit from change in corporation tax rate to 30%.

More to follow…

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