Kenya-based Commercial Bank of Africa Ltd. said March 15 that its shareholders accepted the share swap terms of a merger with fellow Kenyan bank NIC Group Plc, Reuters reported.

Following completion of the deal, Commercial Bank's shareholders will own 53% of the new combined entity while NIC Group's shareholders will control the remaining 47%, the report noted.

"As a result of the share exchange transaction, it is proposed that NIC Group will acquire sole control of CBA and its subsidiaries," the bank said according to the report, citing a statement published in Kenyan newspapers.