Merged NIC & CBA Unit to start operations on 1st October as NCBA.
The Merged Unit of NIC Group Plc and Commercial Bank of Africa Group will be operational as from October 1,2019. The two units will be operating under a Non-Holding entity as NCBA.
This has been announced by Central Bank of Kenya today notifying investors & customers of the two Banks that have been operating as separate holding entities during the merger process. Central Bank of Kenya believes that the merger will strengthen both institutions leveraging on their combined market share of 9.9 percent and customer base of over 40 million in four East African countries.
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.
Central Bank, The National Treasury, CMA & Competition Authority of Kenya had given a green light to the banks to proceed with the Merger since their announcement for talks on December 7th, 2019.
The Merged Entity will create Kenya’s Largest Bank by Customer base and will improve efficiency and raise competition in the Banking sector. The two banks have been operating as different entities which will cease to be as from 30th September 2019.