Browsing: Trust Merchant Bank SA (TMB)

KCB Group Plc shareholders have approved the proposed acquisition of DRC-based lender Trust Merchant Bank SA (TMB).

The approval, in Nairobi, was at an Extra Ordinary General Meeting on September 21, 2022.

  • KCB Group Plc shareholders approved the proposed acquisition of DRC-based lender Trust Merchant Bank SA (TMB)
  • With total assets of US$1.5 billion, TMB, a public company limited by shares, ranks as one of the biggest banks in the DRC
  • TMB will increase the asset base of the KCB Group by sh1.5 trillion (US$12.6 billion ) and is anticipated to improve the Group’s corporate and retail banking franchises

In August 2022, KCB Group Plc reached a definitive agreement to acquire TMB from its shareholders. According to the terms of the agreement, KCB will buy 85% of TMB’s shares, while existing shareholders will retain the rest for at least two years, which after KCB will have the opportunity to acquire …