Kenyan lender NCBA Group has introduced plans for the acquisition of a 100% stake in insurer AIG Kenya Insurance coverage for an undisclosed sum.
The most recent growth comes after NCBA acquired approval from its board to start talks with AIG Group for the proposed takeover.
With a clientele unfold throughout the East Africa area, AIG Kenya serves multinationals, key enterprises in Kenya, and small and middle-sized organisations and people.
The enterprise disposal will happen topic to receipt of obligatory approvals from the boards of NCBA, AIG Kenya and AIG Group.
The conclusion of the transaction additionally requires approvals from respective banking, insurance coverage and regulatory businesses, the corporate famous.
AIG presently owns majority shares in AIG Kenya whereas NCBA Financial institution is a minority stakeholder.
NCBA Group managing director John Gachora mentioned: “We consider that by bringing collectively NCBA’s bodily and digital distribution platforms and AIG Kenya’s insurance coverage capabilities we’ll speed up in direction of our ambition to grow to be a common financial institution that addresses a full set of our prospects’ monetary wants.
“We’ve got held a minority shareholding in AIG Kenya for over 18 years and have been impressed by the regular income development of the enterprise, the experience of the administration workforce and the customer-centric spirit that’s on the coronary heart of its long-standing buyer relationships.”
The proposed acquisition is a part of the banking group’s technique to leverage the experience of AIG Kenya to additional set up itself within the markets it serves.
NCBA supplies providers for greater than 63 million shoppers throughout 4 East African international locations: Kenya, Uganda, Tanzania and Rwanda.
AIG just lately appointed Edward Dandridge as its government vice-president and chief advertising and communications officer.
