CBK clears Oriental Bank acquisition by Tanzanian lender

The Central Bank of Kenya (CBK) has cleared the acquisition of a 51 per cent stake in the shareholding of Oriental Commercial Bank by Bank M of Tanzania setting the stage for its entry into Kenya.

The regulator said Thursday it had also approved an application by M Holdings Limited to form a Non-Operating Holding Company as required by law as well as a change of name from Oriental Commercial Bank Limited to M Oriental Commercial Bank Limited.