Diamond Trust Bank of Kenya has agreed to acquire Pakistani lender Habib Bank for an undisclosed sum.
Habib Bank was founded in 1941 in India and later shifted its headquarters to Karachi in 1947. The bank set up its first Kenyan branch in Mombasa in 1956.
Go deeper with GlobalData
Diamond Trust Bank began operations in 1946 and transformed into a commercial bank in 1997. In 1999, the bank merged with Premier Savings and Finance. Currently, it has a network of 61 branches across Kenya, and also operates in Tanzania, Uganda and Burundi.
The deal is expected to be wrapped up in July 2017, subject to regulatory approvals in Kenya and Pakistan.
The central bank of Kenya said that it will offer more updates on the deal as it progresses.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
