NIC Bank #ticker:NIC is set to complete the reorganisation of its business at the end of this month after Treasury secretary Henry Rotich approved the transfer of its Kenyan banking business to a new operating holding company.
The restructuring will see the lender transfer its Kenyan banking assets and liabilities to a new entity called NIC Bank Kenya Plc.
The new subsidiary and all the other units will ultimately be owned by the parent that changes its name to NIC Group Plc, completing the firm’s conversion into a non-operating holding company.
“The Cabinet secretary, the National Treasury has approved the transfer of its Kenyan banking business, assets and liabilities (save for the excluded assets and liabilities) from NIC Bank Limited to NIC Bank Kenya Plc,” reads a notice in the latest Kenya Gazette by Central Bank of Kenya governor Patrick Njoroge.
“The transfer and acquisition shall take effect on August 31, 2017.”