Bloomberg/Luis Tato

Business

Kenya's CBA gets 53 per cent of NIC in biggest bank merger in decade

  • share this article

The merged bank will have a combined asset base of KES 415 billion ($4.11 billion) in Kenya alone and nine per cent of all loans in the nation.

Thursday 31, January 2019

Bloomberg) --Commercial Bank of Africa and NIC Group agreed to combine their operations to create Kenya’s third-largest lender in the biggest banking tie-up in at least a decade.

Privately-held CBA will get 53 per cent of the merger entity, while NIC Group will hold the balance, NIC’s the Chief Executive Officer John Gachora told investors at a briefing in the Kenyan capital, Nairobi.

TAGS : Kenya, CBA, NIC Group

print this article