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Introduction
Due to changes in the operating environment, several licensed institutions, mainly commercial banks, have had to merge (combine their operations in mutually agreed terms) or one institution takes over another’s operations (acquisitions). Some of the reasons put forward for mergers and acquisitions are: to meet the increased levels of share capital; expand distribution network and market share; and to benefit from best global practices among others. The schedules below detail the Institutions which have merged or participated in acquisitions as well as the dates when mergers or acquisitions were approved.


No. Institution Merged with Current Name Date approved
1 9 Financial Institutions All 9 Financial Institutions Merged together Consolidated Bank of Kenya Ltd 1989
2 Indosuez Merchant Finance Banque Indosuez Credit Agricole Indosuez 10.11.1994
3 TransnationalFinance Ltd. Transnational Bank Ltd. Transnational Bank Ltd. 28.11.1994
4 Ken Baroda Finance Ltd. Bank of Baroda (K) Ltd. Bank of Baroda (K) Ltd. 02.12.1994
5 First American Finance Ltd. First American Bank Ltd. First American Bank (K) Ltd. 05.09.1995
6 Bank of India Bank of India Finance Ltd. Bank of India (Africa) Ltd. 15.11.1995
7 Stanbic Bank (K) Ltd. Stanbic Finance (K) Ltd. Stanbic Bank Kenya Ltd. 05.01.1996
8 Mercantile Finance Ltd. Ambank Ltd. Ambank Ltd. 15.01.1996
9 Delphis Finance Ltd. Delphis Bank Ltd. Delphis Bank Ltd. 17.01.1996
10 CBA Financial Services Commercial Bank of Africa ltd Commercial Bank of Africa ltd 26.01.1996
11 Trust Finance Ltd. Trust Bank (K) Ltd. Trust Bank (K) Ltd. 07.01.1997
12 National Industrial Credit Bank Ltd. African Mercantile Banking Corp. NIC Bank Ltd. 14.06.1997
13 Giro Bank Ltd. Commerce Bank Ltd. Giro Commercial Bank Ltd.  24.11.1998
14 Guardian Bank Ltd. First National Finance Bank Ltd. Guardian Bank Ltd. 24.11.1998
15 Diamond Trust Bank (K) Ltd. Premier Savings & Finance Ltd. Diamond Trust Bank (K) Ltd. 12.02.1999
16 National Bank of Kenya Ltd. Kenya National Capital Corp. National Bank of Kenya Ltd. 24.05.1999
17 Standard Chartered Bank (K) Ltd. Standard Chartered Financial Services Standard Chartered Bank (K) Ltd. 17.11.1999
18 Barclays Bank of Kenya Ltd. Barclays Merchant Finance Ltd. Barclays Bank of Kenya Ltd. 22.11.1999
19 Habib A.G. Zurich Habib Africa Bank Ltd. Habib Bank A.G. Zurich 30.11.1999
20 Guilders Inter. Bank Ltd. Guardian Bank Ltd. Guardian Bank Ltd. 03.12.1999
21 Universal Bank Ltd. Paramount Bank Ltd. Paramount Universal Bank 11.01.2000
22 Kenya Commercial Bank Kenya Commercial Finance Co. Kenya Commercial Bank Ltd. 21.03.2001
23 Citibank NA ABN Amro Bank Ltd. Citibank NA 16.10.2001
24 Bullion Bank Ltd. Southern Credit Banking Corp. Ltd. Southern Credit Banking Corp. Ltd. 07.12.2001
25 Co-operative Merchant Bank ltd Co-operative Bank ltd Co-operative Bank of Kenya ltd 28.05.2002
26 Biashara Bank Ltd. Investment & Mortgage Bank Ltd. Investment & Mortgage Bank Ltd. 01.12.2002
27 First American Bank ltd Commercial Bank of Africa ltd Commercial Bank of Africa ltd 01.07.2005
28 East African Building Society Akiba Bank ltd EABS Bank ltd 31.10.2005
29 Prime Capital & Credit Ltd. Prime Bank Ltd. Prime Bank Ltd. 01.01.2008
30 CFC Bank Ltd. Stanbic Bank Ltd. CFC Stanbic Bank Ltd. 01.06.2008
31 Savings and Loan (K) Limited Kenya Commercial Bank Limited Kenya Commercial Bank Limited 01.02.2010
32 City Finance Bank Ltd. Jamii Bora Kenya Ltd. Jamii Bora Bank Ltd. 11.02.2010
33 Equatorial Commercial Bank Ltd Southern Credit Banking Corporation Ltd Equatorial Commercial Bank Ltd 01.06.2010

 

Acquisitions

No. Institution Acquired by Current Name Date approved
1 Mashreq Bank Ltd. Dubai Kenya Ltd. Dubai Bank Ltd. 01.04.2000
2 Credit Agricole Indosuez (K) Ltd. Bank of Africa Kenya Ltd. Bank of Africa Bank Ltd. 30.04.2004
3 EABS Bank Ltd. Ecobank Kenya Ltd. Ecobank Bank Ltd. 16.06.2008
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