In a significant move, the NCBA Group, Kenya’s fourth-largest bank by market capitalization, has acquired AIG Kenya from American International Group. The bank has bought out the remaining 66.67% stake it didn’t own, making AIG Kenya a wholly-owned subsidiary. This acquisition will allow NCBA’s customers to access all financial products under one roof, with the bank eyeing a larger share of Kenya’s $2.3 billion insurance industry. The deal is expected to unlock opportunities for deeper insurance market penetration in Kenya and the East Africa region.
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