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KCB plan to take over of DRC's Trust Merchant Bank gets shareholders’ nod

KCB Group PLC Chairman Andrew Wambari Kairu and Oliver Meisenberg, the Chief Executive Officer of Trust Merchant Bank.

KCB Group PLC Chairman Andrew Wambari Kairu and Oliver Meisenberg, the Chief Executive Officer of Trust Merchant Bank (TMB) sign the documents to acquire a majority stake at TMB.

Photo credit: Pool

By  Brian Ambani

Nation Media Group

What you need to know:

  • This makes KCB the second Kenyan lender to enter the populous DRC market after rival Equity Group.
  • KCB last month entered a definitive agreement with shareholders of TMB with the transaction expected to close in the third quarter of 2022.
  • Once the acquisition of TMB is concluded, it will complement KCB’s regional footprint with an asset base of over Sh1.5 trillion.

KCB Group shareholders have approved the lender’s proposed entry into the Democratic Republic of Congo (DRC) through the acquisition of a majority stake in Trust Merchant Bank (TMB).

This makes KCB the second Kenyan lender to enter the populous market after rival Equity Group.

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