April 18, 2019 / 9:48 AM / in 2 months

UPDATE 1-Kenya's KCB offers to buy National Bank via share swap

(Adds suspension of trading in shares)

NAIROBI, April 18 (Reuters) - Kenya’s biggest lender by assets KCB Group has offered to buy 100 percent of National Bank of Kenya through a share swap consisting of one KCB share for every 10 of National, KCB said in a letter to National Bank on Thursday.

The offer marks the second major deal among lenders since the government capped commercial lending rates in 2016. CBA Group, a privately held bank, is in process of merging with NIC Bank in a deal announced late last year.

The stock market had earlier in the day suspended trading in both KCB and National Bank shares, without offering an explanation.

There was no immediate comment from National Bank. (Reporting by Duncan Miriri Editing by David Holmes)

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