Kenya central allows merger of lenders NIC and CBA Group

Kenya’s central bank said on Friday that it had approved the merger of Commercial Bank of Africa and NIC Group,…

Kenya’s central bank said on Friday that it had approved the merger of Commercial Bank of Africa and NIC Group, making it the second major merger in the sector this year. The two banks first announced the deal in January, in which current NIC Group shareholders would own 47% of the merged entity and CBA shareholders 53%. In March, Commercial Bank of Africa said its shareholders had accepted a share swap with NIC Group.

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