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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.

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.

 

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