National Bank of Kenya (NBK) facilities will begin providing services to Kenya Commercial Bank (KCB) clients beginning next year, and vice versa, KCB Group CEO Paul Russo announced on Monday.
As a consequence of KCB’s 2019 acquisition of NBK, Russo told NTV, the lenders are attempting to eliminate operational overlaps.
He announced that the move would be implemented by February of next year.
“During the months of January through February, KCB customers will be served at an NBK branch, while NBK customers can visit a KCB branch.”
“This provides an opportunity for optimisation, as overlaps can subsequently be eliminated,” Russo explained.
“Why are we operating two branches in Wajir?” “But technological capability is required. One should proceed in that particular direction.”
KCB Group offered to acquire NBK’s entire shareholding in April of that year through a share swap, exchanging 1 ordinary KCB share for 10 ordinary NBK shares.
The Central Bank of Kenya (CBK) sanctioned the acquisition in September 2019, resulting in the merger of the largest bank in Kenya in terms of market share and assets.
KCB maintains regional divisions in South Sudan, Uganda, Tanzania, Rwanda, Burundi, and Burundi, in addition to Kenya.
In addition to KCB Bancassurance Intermediary, KCB Capital, and KCB Foundation, it possesses non-banking subsidiaries.