NIC Securities has applied to the Capital Markets Authority (CMA) concerning its request to cease operations.
This investment bank is associated with the former NIC Bank, which has since merged its operations with Commercial Bank of Africa (CBA).
PUBLIC NOTICE
“It is notified for general information that the licensee appearing in the Schedule hereinafter has notified the Capital Markets Authority of their intention to cease operation of licensed activities,” said the gazette notice dated 24th December, 2020.
The CMA has accepted the request for revocation of the license. Notice is given to the public members to raise any unresolved and outstanding issues (if any) with the company and notify the Authority on the same, within forty-five (45) days from the date of publication of this notice, dated 24th November 2020.
In line with the requirements of section 27 (1) (b) of the Capital Markets Act, upon the lapse of forty-five (45) days and no notification to the Authority on any outstanding issues, the license shall be revoked.
The ceasing of operations at NIC Capital follows completion of the merger between NIC Bank and CBA Bank to form NCBA.
CBA-NIC BANK merger hits a tail end
In October 2019, NCBA Group issued a public notice of the commencement of the business amalgamation process of its two investment entities, NIC Capital Limited, CBA Capital, and the securities brokerage subsidiary, NIC Securities Limited.
ALSO READ: NCBA to List Additional 606 Million Shares in 5 Years
