Habib Bank ceases to exist after 61 years as DTB completes buyout

Habib Bank will cease to exist from Tuesday next week after Diamond Trust Bank (DTB) #ticker:DTK completed its acquisition.

The 100 per cent acquisition followed Central Bank of Kenya (CBK) approval on June 21 for Habib Bank Limited (Pakistan) -- which fully owned Habib Bank Kenya (HBLK) and an existing DTB shareholder -- to acquire an additional 4.18 per cent shareholding in DTB under Section 13 (4) of the Banking Act, as a consideration for the acquisition.