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Kenya-based KCB Group's shareholders approve National Bank of Kenya acquisition

Kenya-based KCB Group PLC's shareholders unanimously approved the plan to acquire 100% of National Bank of Kenya Ltd.'s ordinary shares, Reuters reported, citing a witness present at KCB's annual general meeting.

The acquisition will happen through a share swap of 1 KCB ordinary share for every 10 National Bank of Kenya shares.

The deal is still pending approval from National Bank of Kenya's shareholders and relevant regulatory authorities.