KCB Group announces plan to Acquire DRC Lender Trust Merchant Bank
KCB Group has signed an agreement to acquire 85% stake in the Democratic Republic of Congo (DRC)-based lender Trust Merchant Bank (TMB).
The two lenders said in a joint statement that the transaction is expected to close by the end of the third quarter of 2022, subject to regulatory approvals.
KCB Group also said it intends to acquire the remaining 15% stake in TMB in less than two years.
The transaction will be done in cash based on the net asset value of DRC based lender using a price to book multiple of 1.49.
TMB is one of DRC’s largest banks with US$1.5 billion in total assets and more than 110 branches across DRC.
Related Posts
Safaricom Shareholders Approve KSh26.04 Billion Dividend
Safaricom shareholders have approved a final dividend of KSh0.65 per share, amounting to KSh26.04 billion for the financial…
ByGhana: Fidelity Bank earns accreditation as cybersecurity establishment
Fidelity Bank Ghana has achieved a significant milestone in cybersecurity by obtaining accreditation from the Cyber Security Authority…
Ghana: AfDB’s US$650m rice development program to enhance food security in West Africa
The president of the African Development Bank Group, Dr. Akinwumi Adesina who announced this emphasised that the initiative…
InstinctBusiness Top Three (3) CEOs of the Week
We are delighted to introduce the InstinctBusiness Top Three (3) CEOs of the Week, recognizing the visionary leaders…
Gallery
