KCB Group Plc has entered into a definitive agreement with shareholders of Trust Merchant Bank (TMB) to acquire a majority stake in the Democratic Republic of Congo (DRC)-based lender. The transaction is expected to close by the end of the third quarter of 2022, subject to regulatory, shareholders and other approvals. This will see KCB acquire 85% of the shares in TMB while the existing shareholders will continue to hold the balance for a period of not less than 2 years after which, KCB will acquire their shares. KCB will pay a cash consideration for the shares determined based on…
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