![National Bank to be de-listed from NSE effective November 25](https://metropoltv.co.ke/wp-content/uploads/2021/11/NATIONAL-BANK.jpg)
National Bank of Kenya will be delisted from the Nairobi Securities Exchange effective November 25, 2021.
This follows a successful takeover of 100 percent shareholding by the Kenya Commercial Bank (KCB) Group.
The delisting has been approved by the Capital Markets Authority (CMA) pursuant to Regulation 22(4) C of the Capital Markets (Securities) (Public Offers, Listing and Disclosure) Regulations 2002.
“All shareholders, investors and the general public are asked to take note of the de-listing,” said NSE.
On September 2, 2019, the Central Bank of Kenya (CBK) approved the acquisition of 100 percent of National Bank of Kenya’s shareholding by KCB.
The approval was done two days after KCB’s offer to buyout NBK shareholders closed.
KCB is Kenya’s biggest commercial bank by assets.
National bank of Kenya is a mid-tier bank that is majority-owned by the government of Kenya.
National Bank’s fair value price was KSh6.10 per share. In contrast, KCB group’s offer price of about KSh3.80 per share, substantially below the stock’s fair value.
Up until the acquisition, KCB had received acceptances of over 262 million shares out of the more than 338 million NBK shares.
KCB which owns five other subsidiaries in the region, including a representative office in Ethiopia seeks to create East Africa’s first Ksh.1 trillion valued bank in a quest for consolidation and regional expansion.