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Report: NIC Group, Commercial Bank of Africa to grow branch network in Kenya

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Report: NIC Group, Commercial Bank of Africa to grow branch network in Kenya

NCBA Group PLC, the entity created from the merger of Kenya-based NIC Group PLC and Commercial Bank of Africa Ltd., will grow its branch network in Kenya in an effort to reach more small and medium-sized enterprises, Business Daily Africa reported, citing NCBA Group Managing Director John Gachora.

The group has some 85 brick-and-mortar branches in the country and is looking to merge some of them where there is an overlap of branches. However, the group intends to expand its footprint beyond the 17 Kenyan counties it has a presence in by opening new branches, the Oct. 3 report noted.

"Our projections show that retail banking will offer the next big growth and so we want to expand to counties which are becoming significant centers of wealth," Gachora said at the unveiling of the merged entity's brand, according to the report.

The group derives roughly 60% of its revenue from corporate banking and treasury business, while the remaining 40% comes from consumer and SME business, the report said.