Bloomberg News

National Bank of Kenya Jumps Most in a Week on New Chairman

June 06, 2011

(Updates with closing share price in second paragraph.)

June 6 (Bloomberg) -- National Bank of Kenya Ltd., a state- owned lender, jumped the most in almost a week after it appointed Mohammed Hassan as its new chairman.

The stock of NBK, as the lender is known, rose 0.7 percent to 34 shillings by the 3 p.m. close in the capital, Nairobi, the biggest advance since May 31.

Sylvia Kitonga and Erastus Mwongera were also elected as directors of the bank at an annual general meeting on June 3, the Nairobi-based lender said in a statement e-mailed by the city’s stock exchange today.

“The change of directors is to allow NBK to get privatized,” Francis Mwangi, an analyst at Nairobi-based African Alliance Securities Kenya Ltd., said in a phone interview today. “This talk has been in the market for several years and now it seems there is some momentum in that direction.”

Hassan is a former managing director of Dyer & Blair Investment Bank Ltd., Kenya’s second-biggest brokerage by value of transactions in the 12 months to Dec. 31, according to data from the Capital Markets Authority.

--Editors: Ana Monteiro, Stephen Kirkland

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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