NAIROBI, Kenya, Feb 10 – South African lender Nedbank says it will retain all NCBA Group employees if it completes its proposed acquisition of a 66 percent stake in the Kenyan lender.
In an offeror statement, Nedbank said existing contractual and statutory employment rights for NCBA’s management and staff will remain in force in line with applicable laws, assuring job security during the transition.
“The existing contractual and statutory employment rights of the existing NCBA management and employees will remain in full force in accordance with applicable laws,” Nedbank said.
The lender added that NCBA’s management and employees will play a key role in the future development of the enlarged group.
Last month, Nedbank submitted an offer to acquire about 1.1 billion NCBA ordinary shares at Sh5 each.
NCBA operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, with 122 branches serving more than 60 million customers. Nedbank is headquartered in South Africa and has operations across Southern Africa, with international offices in London, Dubai, the Isle of Man and Jersey.
Under the proposed deal, NCBA would remain listed on the Nairobi Securities Exchange and retain its brand, governance structure, operating model and management team.
The transaction is subject to regulatory approvals and is expected to be completed within six to nine months.
