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
New: Chargebacks911opines Crypto Mainstream Adoption hinges on Consumer Protection
“The cryptocurrency industry is closer to mainstream adoption than many realize, but it is missing a critical element…
By
Dangote Cement Unveils New State-of-the-Art Cassava Processing Plant in Ogun
Dangote Cement Plc has commissioned a modern cassava processing plant in Ogun State as part of its commitment…
Hennie Nel Takes Helm as SanlamAllianz new CEO
SanlamAllianz has announced the appointment of Hennie Nel as its next Chief Executive Officer, marking a significant leadership…
Norrenberger Pensions hires Afolabi Folayan as new MD & CEO
Norrenberger Pensions has announced the appointment of Afolabi Folayan as the new Managing Director and Chief Executive Officer…
Gallery
