Habib Bank Limited (HBL) has inked an agreement with Diamond Trust Bank Kenya (DTBK) to transfer/sell off its business operations in Kenya to DTBK. The transaction will be executed by way of shares execution. In return, HBL will increase its shareholding in DTBK from 11.97pc to 16.15pc by receiving an additional 13.28m share in DTBK.
State Bank of Pakistan (SBP) has approved the transactions of operations and shares. However, the decision awaits regulatory approvals from the banking regulator in Kenya.
The completion of the deal will mark an end to 60 years Of HBL’s presence in Kenya. DTBK has subsidiaries operating in East Africa including Burundi, Tanzania, and Uganda.
