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Kenya : DTB announces dates to complete Habib Bank's acquisition; merge operations
Publish Date : 16-May-2017
Diamond Trust Bank (DTB) is looking to complete its deal to acquire Habib Bank Limited in July and merge operations of the two bank's by April 2018.
DTB stockholders are expected to approve the deal at their annual general meeting on 25th May 25, with the target date for closing the deal being July 21.
DTB is acquiring the tier-three lender for Sh1.82 billion, compensating Habibs owners through an allotment of 13.28 million DTB stock.
In a circular to its stockholders, DTB said, 'The completion of the transaction is subject to closing conditions that include procurement of shareholders' approvals as well as regulatory approvals from various regulators including the State Bank of Pakistan, the Central Bank of Kenya, the Competition Authority of Kenya and the Capital Markets Authority which DTB expects will be concluded in the first half of 2017. Following Completion, DTB will integrate the Habib Kenya Branch operations into its systems. The board is of the view that this integration will be concluded within six to nine months of completion (of the deal).'
