National Industrial Credit (NIC) Bank has opened a new branch in Zanzibar at a time when the Bank has ventured on a merger deal with Commercial Bank of Africa (CBA), a deal that is expected to be completed in the second half of 2019.
The merger will create one of Africa’s largest banks by customer numbers (40 Million +) with more than 100 branches across the region.
The deal will see 34 shareholders of CBA will own 53% of the then issued shares in NIC Group, whilst existing NIC Group shareholders will own 47% of the then issued shares in NIC Group.
The new entity will also have branches in Uganda, Kampala, Dar es Salaam, Kigali and Abidjan in a bid to boost its base in Africa.
