The approval on Monday was granted in accordance with Section 13(1) (e) of the Banking Act.
KCB Group is a Kenyan non-operating holding company that owns banking subsidiaries in Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan. It also has a representative office in Ethiopia.
In addition, the Group owns non-banking subsidiaries namely; KCB Insurance Agency, KCB Capital, and KCB Foundation. KCB Group oversees operations of KCB Bank Kenya Limited and all other subsidiaries.
The bank is listed at the Nairobi Stock Exchange and owns two subsidiaries: NBK Insurance Agency Limited, and Natbank Trustee and Investment Service Limited.
The acquisition is said to strengthen both institutions leveraging on their respective well-established domestic and regional corporate, public sector and retail franchises.