The office of the Vice-Chancellor, University of Eldoret welcomed officials from the National Bank of Kenya (NBK) Head office and Eldoret Branch to deliberate on the status of NBK acquisition by Kenya Commercial Bank (KCB).
The NBK team which was led by Mr. Reuben Koech (Director Corporate and Institutional Banking) confirmed that NBK has been acquired as a fully owned subsidiary by KCB Group through a Shares-Swap which was completed last month. Mr. Kosgei noted that the changeover was necessitated by the challenges that NBK has been facing due to capital adequacy ratios as required by the regulator. However, he reiterated that since the two major shareholders of NBK and KCB Group Plc. are National Treasury and NSSF, the negotiation process was successful and the acquisition process was done diligently. Mr. Kosgei further implored that as a result of the acquisition, NBK is currently under the wings of KCB Group Plc., and this will enable the bank to offer more products and provide new facilities for its esteemed clients.
Overall, the NBK team assured the University that the bank will continue to operate as NBK offering the same services similarly as before but in an improved and advanced manner, thus, there was no need to get concerned. The NBK team, further promised to continue supporting key UoE core business and other Corporate Social Responsibilities such as the Annual Cross-Country events scheduled later this month and Agribusiness Trade Fairs naming just but a few. The NBK team also assured the University that it will provide additional services such as Ethical Banking for our Muslim brothers. They however appreciated the University for supporting them and especially through the opening a new Endowment Fund Account with them despite the acquisition process being on its final stages.
On the part of the University, the University Vice-Chancellor Prof. Teresa Akenga who was in the company of the Acting Finance Officer CPA. Ereu Totona requested NBK to improve on their online receipting platform, support the online payment system through internet banking and also requested NBK to offer cheaper loans to the University staff to attract them to their bank. Further, the University requested NBK through their CSR program to erect a booth/stand branded in their color outside the University gate at the bus stop to offer shade to our staff during rainy seasons.
Other members of NBK Team comprised of Mr. Musa Adan (Director Islamic Banking), Mr. Cromwell Kedemi (Director Retail Banking), Mr. Timothy Kosgei (Regional Manager-Rift Valley Region), Ms. Betty Rono (Relationship Manager-Eldoret), and Mr. Patrick Chemigin (Branch Manager-Eldoret).