John Gachora, NIC Group PLC's managing director, will lead the combined entity arising from the Kenyan bank's merger with peer Commercial Bank of Africa Ltd., Business Daily Africa reported.

Commercial Bank of Africa Managing Director Isaac Awuondo will become chairman of the Kenyan banking unit and maintain direct supervision of the digital business.

The Competition Authority of Kenya has approved the merger of the lenders, which noted that they will operate under a new name and brand to be decided before the merger is finalized. NIC Group will become a non-operating holding company for banking subsidiaries.