NIC, CBA to settle on identity of merged ‘biggest bank in Africa’

NIC, CBA to settle on identity of merged ‘biggest bank in Africa’

May 22, 2019 0 By mykenyancareers
NIC BANK - NIC, CBA to settle on identity of merged ‘biggest bank in Africa’
Additional approvals will be required from the regulators in other countries where NIC and CBA operate.  /FILE

NAIROBI, Kenya, Apr 17 – NIC Bank and Commercial Bank of Africa (CBA) are working on a single identity ahead of a merger expected to be completed in the third quarter of 2019, subject to regulatory approvals.

NIC Group Chairman James Ndegwa said they expect the name of the merged group of companies will be changed and a new brand will be adopted and rolled out “in due course.”

“Whilst a new name is yet to be selected, both NIC and CBA are jointly working with external brand consultants to identify a name that will reflect the identity, values and aspirations of the new merged entity,” said Ndegwa during the bank’s AGM where shareholders approved the merger that will create Africa’s biggest bank by customers with over 41 million customers.

The transaction is still subject to regulatory authorities including Central Bank of Kenya, Capital Markets Authority and Competition Authority.

Additional approvals will be required from the regulators in other countries where NIC and CBA operate.

“I’m delighted that our shareholders share our vision and have overwhelmingly supported this important merger that will create a leading Tier 1 bank. The endorsement paves the way for completion of the merger that will deliver significant benefits to the Group stakeholders,” said Ndegwa.

As part of the merger, it is envisaged that the name of the merged group of companies (including of NIC and the banks within the merged group) will be changed and a new brand will be adopted and rolled out in due course. NIC shareholders also approved a special resolution to allow the board to decide on a new name and brand.

“Whilst a new name is yet to be selected, both NIC and CBA are jointly working with external brand consultants to identify a name that will reflect the identity, values and aspirations of the new merged entity,” said Ndegwa.

CBA shareholders have already approved the merger during their Annual General Meeting held on Tuesday, 16th April 2019.