The Competition Authority of Kenya (CAK) has approved the proposed merger between Commercial Bank of Africa Limited (CBA) and NIC Group following the approval of shareholders from both parties.
This gives leeway for NIC to issue new shares to CBA bank shareholders and upon completion, CBA’s holding will amount to about 52 per cent in the new entity.
The Authority however emphasised that the merger will be approved on condition that no employee is declared redundant within a year of the transaction.
Thus becoming the second largest bank with a market share of 10 per cent, four points behind KCB and the largest transaction in Kenya’s banking history.
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