The KCB-NBK merger in 2019 made it Kenya’s largest bank by assets and market share. | FILE
Kenya Commercial Bank (KCB) customers will starting next year be able to get services at National Bank of Kenya (NBK) branches and vice versa, KCB Group CEO Paul Russo announced on Monday.
Russo told NTV that as a result of KCB’s acquisition of NBK in 2019, the lenders are seeking to eliminate overlaps in their operations.
He said the move would take effect by February next year.
“January-February, KCB customers should be able to be served in an NBK branch and NBK customers in a KCB branch. That gives you an opportunity to optimize because you can then remove overlaps,” Russo said.
“One would ask, why are you running two branches in Wajir, but you need a technology capability. That is the direction you want to take.”
KCB Group in April 2019 made the offer to acquire 100 per cent of NBK shareholding by way of a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB.
The Central Bank of Kenya (CBK) approved the acquisition in September 2019, making the merger Kenya’s largest bank by assets and market share.
Beyond Kenya, KCB has regional units in Uganda, Tanzania, Rwanda, Burundi, Ethiopia and South Sudan.
It also owns non-banking subsidiaries such as KCB Bancassurance Intermediary, KCB Capital, and KCB Foundation.