Due to changes in the operating environment, several licensed institutions, mainly commercial banks, have had to merge (combine their operations in mutually agreed terms) or one institution takes over another’s operations (acquisitions).
Some of the reasons put forward for mergers and acquisitions are: to meet the increased levels of share capital; expand the distribution network and market share; and to benefit from best global practices among others.
The schedules below detail the Institutions which have merged or participated in acquisitions as well as the dates when mergers or acquisitions were approved.
1. 9 Financial Institutions Merged together to form Consolidated Bank of Kenya Ltd on 1989
2. Indosuez Merchant Finance merged with Banque Indosuez to form Credit Agricole Indosuez on 10.11.1994
3. Transnational Finance Ltd merged with Transnational Bank Ltd to form Transnational Bank Ltd on 28.11.1994
4. Ken Baroda Finance Ltd merged with Bank of Baroda (K) Ltd to form Bank of Baroda (K) Ltd on 02.12.1994
5. First American Finance Ltd merged with First American Bank Ltd to form First American Bank (K) Ltd on 05.09.1995
6. Bank of India merged with Bank of India Finance Ltd to form Bank of India (Africa) Ltd on 15.11.1995
7. Stanbic Bank (K) Ltd merged with Stanbic Finance (K) Ltd to form Stanbic Bank Kenya Ltd on 05.01.1996
8. Mercantile Finance Ltd merged with Ambank Ltd to form Ambank Ltd on 15.01.1996
9. Delphis Finance Ltd merged with Delphis Bank Ltd to form Delphis Bank Ltd on 17.01.1996
10. CBA Financial Services merged with Commercial Bank of Africa ltd to form Commercial Bank of Africa ltd on 26.01.1996
11. Trust Finance Ltd merged with Trust Bank (K) Ltd to form Trust Bank (K) Ltd 07.01.1997
12. National Industrial Credit Bank Ltd merged with African Mercantile Banking Corp to form NIC Bank Ltd on 14.06.1997
13. Giro Bank Ltd merged with Commerce Bank Ltd to form Giro Commercial Bank Ltd on 24.11.1998
14. Guardian Bank Ltd merged with First National Finance Bank Ltd to form Guardian Bank Ltd on 24.11.1998
15. Diamond Trust Bank (K) Ltd merged with Premier Savings & Finance Ltd to form Diamond Trust Bank (K) Ltd on 12.02.1999
16. National Bank of Kenya Ltd merged with Kenya National Capital Corp to form National Bank of Kenya Ltd on 24.05.1999
17. Standard Chartered Bank (K) Ltd merged with Standard Chartered Financial Service to form Standard Chartered Bank (K) Ltd on 17.11.1999
18. Barclays Bank of Kenya Ltd merged with Barclays Merchant Finance Ltd to form Barclays Bank of Kenya Ltd on 22.11.1999
19. Habib A.G. Zurich merged with Habib Africa Bank Ltd to form Habib Bank A.G. Zurich on 30.11.1999
20. Guilders Inter. Bank Ltd merged with Guardian Bank Ltd to form Guardian Bank Ltd on 03.12.1999
21. Universal Bank Ltd merged with Paramount Bank Ltd to form Paramount Universal Bank on 11.01.2000
22. Kenya Commercial Bank merged with Kenya Commercial Finance Co to form Kenya Commercial Bank Ltd on 21.03.2001
23. Citibank NA merged with ABN Amro Bank Ltd to form Citibank NA on 16.10.2001
24. Bullion Bank Ltd merged with Southern Credit Banking Corp. Ltd to form Southern Credit Banking Corp. Ltd on 07.12.2001
25. Co-operative Merchant Bank ltd merged with Co-operative Bank ltd to form Co-operative Bank of Kenya ltd on 28.05.2002
26. Biashara Bank Ltd merged with Investment & Mortgage Bank Ltd to form Investment & Mortgage Bank Ltd on 01.12.2002
27. First American Bank ltd merged with Commercial Bank of Africa ltd to form Commercial Bank of Africa ltd on 01.07.2005
28. East African Building Society merged with Akiba Bank ltd to form EABS Bank ltd on 31.10.2005
29. Prime Capital & Credit Ltd merged with Prime Bank Ltd to form Prime Bank Ltd on 01.01.2008
30. CFC Bank Ltd merged with Stanbic Bank Ltd to form CFC Stanbic Bank Ltd on 01.06.2008
31. Savings and Loan (K) Limited merged with Kenya Commercial Bank Limited to form Kenya Commercial Bank Limited on 01.02.2010
32. City Finance Bank Ltd merged with Jamii Bora Kenya Ltd to form Jamii Bora Bank Ltd on 11.02.2010
33. Equatorial Commercial Bank Ltd merged with Southern Credit Banking Corporation Ltd to form Equatorial Commercial Bank Ltd on 01.06.2010
34. Commercial Bank of Africa merged with NIC Bank to form NCBA Bank on 20.09.2019.
25. Habib Bank Ltd Kenya was acquired by Diamond Trust Bank Kenya Ltd on August 1, 2017.