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Tie-up could create Kenya's 3rd-largest bank by assets

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Tie-up could create Kenya's 3rd-largest bank by assets

A potential merger between two Kenyan lenders is in the pipeline.

Commercial Bank of Africa Ltd. and NIC Group Plc said Dec. 6 that they will hold talks to explore a possible tie-up. If it goes ahead, the combined entity will have approximately 443.51 billion Kenyan shillings ($4.35 billion) in assets, making it the third-largest in the country in that measure, according to S&P Global Market Intelligence data.

The potential deal would also mark the first major transaction in Kenya's financial sector since the introduction of an interest rate cap in 2016, Reuters reported.

Elsewhere in Africa, Diamond Bank PLC has agreed to merge with Nigerian peer Access Bank PLC, while a number of banks in Ghana are reportedly resorting to consolidation in an effort to meet the central bank's new minimum capital requirement by the 2018-end deadline.

READ: Access Bank, Diamond Bank merger would create largest lender in Nigeria

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SNL Image

See a section dedicated to financial highlights for your bank: Search for the company in the top search box and go to the "Financial Highlights" section, housed under the Templated Financials on the left-hand panel. Here is an example for Commercial Bank of Africa.

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As of Dec. 19, US$1 was equivalent to 101.85 Kenyan shillings.