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