The amalgamation of Commercial Bank of Africa Limited and NIC Group PLC took effect on Monday 30th September. This follows approval from the Acting Finance Cabinet Secretary and the Central Bank of Kenya.
The shareholders of Commercial Bank of Africa Limited passed a resolution on the 16th April 2019, approving its amalgamation with NIC Group PLC. This is after a merger agreement between the two institutions was signed on 1st March 2019. Shareholders of NIC Bank PLC gave their approval on March 2019.
The timing of the NIC/CBA deal could not have been better; it comes just days after Kenya’s largest and most profitable retail bank, KCB concluded its 100 per cent acquisition of National Bank of Kenya.
READ; Central Bank expects more Consolidation in Kenya’s Banking business
