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NCBA Group Board Authorises Graduation Of Discussions With AIG Group To Purchase Total Shareholding In AIG Kenya Insurance coverage Firm Ltd
NCBA Group Board Authorizes Graduation Of Discussions With AIG Group To Purchase Total Shareholding In AIG Kenya Insurance coverage Firm Ltd
NCBA Group publicizes that the Board of Administrators has licensed the graduation of discussions with AIG Group to accumulate its complete shareholding in AIG Kenya Insurance coverage Firm Restricted (topic to regulatory approvals).
Nairobi, twenty fifth September 2023 NCBA Group PLC (“NCBA”), at present introduced its intention to accumulate 100% of AIG Kenya Insurance coverage Firm Restricted (“AIG Kenya”).
If concluded, the acquisition of the over 50-year-old insurance coverage enterprise, which has a heralded market status for providing a classy basic insurance coverage proposition to Corporates, SMEs and people could be a landmark transaction.
NCBA which was fashioned out of a merger between NIC Group and CBA Group in 2019 has over the past 4 years grown to turn into the third largest banking Group in East Africa serving over 63 million prospects and with a community of 107 branches.
Talking on the rationale for the transaction, NCBA Group Managing Director John Gachora mentioned, “Insurance coverage is more and more turning into a fundamental monetary want for the kind of buyer that NCBA serves. We consider that by bringing collectively NCBA’s bodily and digital distribution platforms and AIG Kenya’s insurance coverage capabilities we are going to speed up in direction of our ambition to turn into a common financial institution that addresses a full set of our prospects’ monetary wants.”
AIG Kenya serves prospects throughout the East Africa area. NCBA serves prospects throughout 4 international locations in East Africa – Kenya, Uganda, Tanzania and Rwanda. As a regional banking Group, NCBA is poised to make the most of AIG Kenya’s breadth and scale to additional entrench itself within the markets through which it operates.
He added, “We have now 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 crew and the shopper centric spirit that’s on the coronary heart of its long-standing buyer relationships.”
Stella Njunge, CEO of AIG Kenya commented, “The announcement of intent by NCBA and AIG is an thrilling improvement because it represents a chance to proceed to construct on AIG Kenya’s strong platform. By a mix of NCBA’s buyer centric product providing and their cutting-edge know-how options, prospects will be capable to entry a wide range of insurance coverage services and products, seamlessly.”
The execution of the transaction is topic to vital due diligence, approvals from the Boards of NCBA, AIG Kenya, AIG Group and the requisite banking, insurance coverage and different regulatory authorities.
In conclusion John Gachora mentioned, “We’re excited to deliver the total muscle of NCBA’s capabilities to proceed inspiring the expansion of our prospects whereas defending their goals. By our legacy of innovation we’re nicely positioned to catalyze the deeper market penetration of insurance coverage in Kenya and the area.”
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