The announcement followed regulatory approval given to the tier one lender by the
In a statement on Sunday,
The acquisition is in line with the bank's strategic objective of becoming
The entry into the Kenyan market ties into
TNB is a medium-sized commercial bank with focus on the agricultural sector and a significant retail footprint.
Commenting on the acquisition,
'We will leverage our presence in key payment corridors: strong partnerships in non-presence countries, robust technology platform as well as world-class risk management to provide cutting edge financial solutions to our clients.
'We will build on TNB's existing expertise in agricultural financing and deploy our resources to optimise other business segments. We are committed to supporting the growth and development of our host community in line with our sustainability ethos and certain that this acquisition will deliver great value to our stakeholders.
'Following the receipt of regulatory approval, we are very confident that the transaction will be completed shortly.'
© Pakistan Press International, source