NCBA Group announced on Monday that it intends to acquire 100% of AIG Kenya Insurance. The lender previously held a 43% stake in the insurer.
NCBA announced that its Board of Directors had authorized the start of talks with US multinational AIG Group Inc. to acquire its entire shareholding in the company.
AIG operates in over 80 countries and owns a majority stake in the 50-year-old AIG Kenya Insurance.
AIG Kenya provides general insurance packages to corporations, SMEs, and individuals in Kenya, Uganda, Tanzania, and Rwanda.
NCBA is the third-largest banking group in East Africa, formed in 2019 by a merger of NIC Group and CBA Group.
According to NCBA Bank’s financial disclosures for the fiscal year ending June 30, the lender made a profit after tax of Ksh.9.3 billion in the first quarter.
Earnings increased by 20.3% compared to Ksh.7.8 billion reported during the same period last year.
NCBA made a net profit of Ksh.10.22 billion last year, up from Ksh.4.57 billion in 2021.
