Sharp Daily
No Result
View All Result
TALK TO US
Saturday, December 9, 2023
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

KCB To Acquire DRC-based Lender Trust Merchant Bank

Editor SharpDaily by Editor SharpDaily
August 2, 2022
in News
KCB
Share on FacebookShare on Twitter

KCB Group Plc has entered into a definitive agreement with shareholders of TMB to acquire a majority stake in the Democratic Republic of Congo (DRC)-based lender.

The transaction is expected to close by the end of the third quarter of 2022, subject to regulatory, shareholders and other approvals. This will see KCB acquire 85% of the shares in TMB while the existing shareholders will continue to hold the balance for a period of not less than 2 years after which, KCB will acquire their shares.

KCB will pay a cash consideration for the shares determined based on the net asset value of TMB at completion of the proposed transaction, and using a price to book multiple of 1.49.

Read: KCB Revises Interest Rates On Its Savings Accounts

TMB, a public company limited by shares, is one of DRC’s largest banks with US$1.5 billion in total assets. TMB has a strong offering in Retail, SME, Corporate and Digital banking channels. It has over 110 branches and numerous agency banking outlets spread across DRC.

This acquisition is aligned with the Group’s strategic focus of scaling its regional presence. Once completed, this acquisition will complement KCB Group’s regional footprint with an asset base of KShs. 1.5 Trillion (USD 12.6 billion) and is expected to strengthen the Group’s Retail and Corporate banking franchises.

“This is part of our ongoing strategy to tap into opportunities for new growth while investing in and maximizing returns from the Group’s existing businesses. It gives us strong headroom to accelerate our growth ambitions to deliver better value for our shareholders and to bolster the push for deeper financial inclusion and social and economic transformation in Africa and beyond. We are excited that we can now play a role in catalyzing DRC’s and indeed East Africa’s economic expansion agenda,” said Andrew Wambari Kairu, KCB Group Chairman.

Read: Kiambu County Unveils Ksh1.3B Fund For SMEs In Deal With KCB Bank

“We are very excited about the opportunities KCB offers in this transaction and we are proud to bring our unique DRC insights and experience to the KCB Group. We believe that by combining our local knowledge and standing with the size and expertise of KCB Group, we should be able to increase market share and shareholder value through unlocking our synergies and business opportunities,” said Robert Levy, TMB Chairman.

With the acquisition, TMB customers will benefit from best-in-class digital capabilities, transactional banking solutions, trade finance expertise and access to regional business opportunities offered by KCB Group. TMB will give KCB Group access to Africa’s second-largest country with a population of over 93 million people.

In the three months ending March 2022, KCB Group PLC profit after tax surged 54.6% to KShs. 9.9 billion. This rise from KShs. 6.4 billion in a similar period last year was boosted by growth in total income and reduction in loan loss provision.

Revenues increased by 26.0% to KShs. 29.0 billion on account of an increase in interest income, increase in non-funded income from lending activities and service fees and a 21.1% rise in earning assets.

Email your news TIPS to editor@thesharpdaily.com

Tags: KCB
Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

African nations call for clean cooking, seek support from developed countries
Economy

African nations call for clean cooking, seek support from developed countries

December 8, 2023
Not all govt parastatals up for privatization will be sold, Kimani Ichungwah
News

Not all govt parastatals up for privatization will be sold, Kimani Ichungwah

December 8, 2023
Uganda’s  Lato Milk Processor acquires Kenya’s Highland Creamers 
Business

Uganda’s  Lato Milk Processor acquires Kenya’s Highland Creamers 

December 8, 2023
Kenya rated best in world for human capital
News

Kenya rated best in world for human capital

December 8, 2023
Where is my money? Sanaipei Tande calls out CS Ababu over unfulfilled Kalasha award promise.
News

Where is my money? Sanaipei Tande calls out CS Ababu over unfulfilled Kalasha award promise.

December 7, 2023
President Ruto hosts 11 Envoys,  high Commissioners at State House
News

President Ruto hosts 11 Envoys,  high Commissioners at State House

December 7, 2023

TRENDING

How technology transforms real estate transactions
Real Estate

How technology transforms real estate transactions

by Editor SharpDaily
November 8, 2023
China Square to open second store at Waterfront Karen
News

China Square to open second store at Waterfront Karen

by Brian Murimi
October 25, 2023
Carrefour opens third store in the coastal region
Business

Carrefour opens third store in the coastal region

by Christine Akinyi
December 7, 2023
Uganda’s  Lato Milk Processor acquires Kenya’s Highland Creamers 
Business

Uganda’s  Lato Milk Processor acquires Kenya’s Highland Creamers 

by Duncan Muema
December 8, 2023
Sharp Daily

© Sharp Daily - News, money, property, finance, tech and more.

Navigate Site

  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team

© Sharp Daily - News, money, property, finance, tech and more.