Stanbic buys Kenya’s CFC Bank

NAIROBI – The Kenyan unit of South Africa’s Standard Bank plans to acquire a 60 per cent stake in Kenya’s CFC Bank, subject to regulatory approval, the two banks said yesterday.

The CFC Bank group, with assets of US$$606.1 million at the end of 2006, would be renamed CFC Stanbic Holdings. Standard Bank operates as Stanbic Bank in some of the 19 African countries in which it trades.”Upon successful completion of the proposed merger, SAHL (Stanbic Africa Holdings) will directly own and control 164.2 million ordinary shares in CFC Bank, representing 60 per cent …thereby acquiring effective control of the CFC Bank,” a statement from the banks said.Stanbic Bank is rated ninth biggest with assets totalling 29 billion shillings as at the end of March.Nampa-ReutersStandard Bank operates as Stanbic Bank in some of the 19 African countries in which it trades.”Upon successful completion of the proposed merger, SAHL (Stanbic Africa Holdings) will directly own and control 164.2 million ordinary shares in CFC Bank, representing 60 per cent …thereby acquiring effective control of the CFC Bank,” a statement from the banks said.Stanbic Bank is rated ninth biggest with assets totalling 29 billion shillings as at the end of March.Nampa-Reuters

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