from MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (ACJ News) – KENYA Commercial Bank (KCB) Group has failed in its bid to acquire African Banking Corporation Tanzania.
This is after KCB failed to receive certain regulatory approvals.
“Completion of the transaction was subject to certain conditions customary for transactions of this nature, including receipt of all regulatory approvals,” said Joshua Oigara, Managing Director and CEO of the group.
“Without further agreement between the parties to extend the long shutdown date, the agreement was terminated and, as a result, the parties will not proceed with the completion of the transaction as previously planned. “
In November 2020, KCB announced that it had entered into a share purchase agreement with, among others, ABC Holdings for the proposed acquisition.
The transaction was envisioned to strengthen the regional presence and market share of the banking group in Tanzania as part of a broader strategy to increase the contribution of its international activities to the group’s profitability.
“Notwithstanding the above, KCB will continue to explore and seek attractive regional expansion opportunities in order to enhance our regional participation, accelerate our growth and maintain long-term sustainable African success in line with our strategy of expansion and growth, ”assured Oigara.
– CAJ News