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, reported Reuters.
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.
The merger was agreed by NIC Group’s shareholders on April 17, paving the way for the two companies to create the third-biggest bank by assets in East Africa.
“Following the merger, effective October 1, 2019, all subsidiaries will operate under a non-operating holding company, NCBA Group Plc,” the central bank said in a statement.
Full Content: Reuters
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