Cyprian Is Nyakundi

Capital Markets Authority Reacts To Alleged Takeover Of National Bank Of Kenya By Its Rival Lender, KCB Group.

The Capital Markets authority has reacted to an article carried by this website alleging a takeover of National Bank of Kenya by its rival lender KCB Group.

The editor of this website had been tipped about a meeting that was held on the 18th of January, 2019, where the Kenya Commercial Bank sealed a deal to buy off the struggling National Bank of Kenya.

We had also reported that Wilfred Musau, the accused rapist and predator NBK CEO had been told to look for an option given that he cannot be absorbed by the merger over his dirty past. He has up to March this year.

Our source from the treasury where the deal was stricken confirmed to us that the deal is ksh 40 Billion- Ksh 13 Billion for books and Ksh. 27 Billion to the treasury and KCB shall immediately shut 34 National Bank branches where KCB already has representation and employees shall be retrenched.

Consequently, CMA has advised the public to exercise caution while dealing with shares of the two banks which are listed at the Nairobi Securities Exchange (NSE).

“We wish to clarify that no regulatory filings have been made to the Authority by KCB Group regarding this matter and no confirmation of the existence of such a transaction has been received,” CMA said in its cautionary notice, warning the public to exercise restraint while dealing with the lenders’ shares at the NSE.

However, further clarifications from our sources at the treasury and CBK told us that CMA’s chief executive Paul Muthaura was left out of communication -He wasn’t on the negotiating table for obvious reasons. He is to wait for instructions/press statement before he says the deal isn’t on.

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