Lobby group wants public participation in KCB-NBK merger

May 23, 2019 (4 weeks ago)
KCB has made an offer to acquire National Bank of Kenya/Courtesy

, NAIROBI, Kenya, May 23 – A lobby group dubbed ‘Concerned Citizens Alliance’ have protested the planned acquisition of National Bank of Kenya by the Kenya Commercial Bank, for alleged lack of public participation.

The alliance convener Kiptoo Korir insists that the public should be involved before any transaction takes place.

“We call upon the National Treasury and the Central Bank of Kenya to safeguard the interest of the public on the boardroom dealings at National Bank of Kenya,” Korir said during a press briefing on Thursday.

He has cautioned KCB “not to fall prey to individual interest in this deal and instead follow the due process to maintain their integrity and the good image they have built over time.”

The alliance has called upon Director of Criminal Investigations George Kinoti to initiate an investigation into the intended sale before the country loses what they term as “billions to selfish individual interests.”

KCB has since made an offer to acquire the National Bank of Kenya at the rate of Sh5 per share, subject to shareholder and regulatory approvals.

If successful, this would be the second bank KCB has acquired, after Imperial Bank which they acquired on receivership.

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