CMA approves transfer of Barclays Bank of Kenya Shares to Barclays Africa Limited
Published on Thursday, 07 February 2013 06:35
Nairobi, February 7, 2012... The Capital Markets Authority (CMA) has granted approval to Barclays Bank of Kenya Limited for the transfer of 3,720,816,000 of its shares held by Barclays Bank PLC to Barclays Africa Limited, following the reorganization of the bank's business in Africa. This represents 68.5 percent shareholding by Barclays Bank PLC in Barclays Bank of Kenya Limited.
CMA noted that the approval for the private transfer of the securities was issued in accordance with Section 31(1A) of the Capital Markets Act and Regulation 57 (c) of the Capital Markets (Licensing Requirements) (General) Regulations 2002, and will be subject to the bank securing necessary approval from the Central Bank of Kenya.
The Authority further observed that there will be no change in beneficial ownership after the proposed transfer. Consequently, implementation of the private transfer of the securities will result in Barclays Africa Limited's direct shareholding being 68.5 percent of the issued share capital of Barclays Kenya. The transfer reinforces the 'One Bank in Africa' strategy as the bank continues to pursue its announced strategy of combining the majority of Barclays Africa operation with those of its subsidiary Absa Group Limited where Barclays Bank PLC will remain as the majority shareholder of the combined African operations.