Nairobi, May 4 -- KCB Group paid Sh25.1 billion to acquire an 85 percent stake in DRC lender, Trust Merchant Bank (TMB), in a deal that has given it a foothold in the vast mineral-endowed central African country.

The lender has for the first time disclosed the value of the deal in the latest annual report, which shows that the amount includes a goodwill (premium) of Sh3.07 billion in the transaction that values the DRC bank at Sh29.54 billion.

KCB, which completed the purchase last December, had previously said the deal would be priced at 1.49 times the book value or net assets of the DRC lender-working out to nearly Sh17.9 billion as of December 2021 when TMB net assets were Sh14.15 billion.

The lender says it paid the goodwill becaus...