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    Mawingu Networks secures $9 million in funding for rural internet expansion in Kenya

    Mawingu Networks secures $9 million in funding for rural internet expansion in Kenya

    Reed Hastings steps down as Netflix CEO

    Reed Hastings steps down as Netflix CEO

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    High Court orders suspension of bank to MPesa charges

    High Court orders suspension of bank to MPesa charges

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    YouTube to allow creators to monetize Shorts content starting February 1

    YouTube to allow creators to monetize Shorts content starting February 1

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

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    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

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    Laptop buying mistakes you should avoid

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    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Samsung’s Galaxy S23 Unpacked event: All you need to know

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

    All you need to know about the new iPhone 14 lineup

    Xiaomi 12S Series flagship features a huge 1-inch sensor

    Xiaomi 12S Series flagship features a huge 1-inch sensor

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    How to make and upload YouTube Shorts with ease

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    How to watch YouTube without ads on Android TV

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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    Samsung Galaxy Z Flip 3 does over 418,000 folds in test

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    Jumia marks its 10th anniversary, selling motorcycles for Sh10

    Jumia marks its 10th anniversary, selling motorcycles for Sh10

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    Twitter announces revenue sharing program for Blue verified creators

    Twitter announces revenue sharing program for Blue verified creators

    My six social media predictions for 2023

    My six social media predictions for 2023

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    Blue, Gold and Grey: Twitter starts rolling out distinct verification marks

    Twitter is planning to start charging $20 a month for verification

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KCB Group PLC to Acquire DRC-Based lender Trust Merchant Bank (TMB)

The Netick Newsroom by The Netick Newsroom
August 3, 2022
in News
Reading Time: 3 mins read
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KCB Group PLC to Acquire DRC-Based lender Trust Merchant Bank (TMB)
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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.

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.

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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.

“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.

Tags: KCB
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