Kenya’s central bank has approved KCB Group’s acquisition of NBK

NAIROBI (Reuters) – Kenya’s central bank on Monday approved KCB Group’s acquisition of National Bank of Kenya.

KCB is Kenya’s biggest lender by assets. Lenders in the East African nation have turned to consolidation to boost profit growth after the government capped commercial interest rates in 2016, crimping their margins.

NBK was founded by the government in 1968 but is now listed on the Nairobi Stock Exchange.

Reporting by George Obulutsa; Writing by Maggie Fick; Editing by Katharine Houreld

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