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Kenya's central bank approves merger of NIC Group, Commercial Bank of Africa

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Kenya's central bank approves merger of NIC Group, Commercial Bank of Africa

Kenya's central bank said the merger of Commercial Bank of Africa Ltd. and NIC Group PLC will take effect Sept. 30, following its approval of the deal in August.

Following the merger, all subsidiaries of the combined entity will operate under non-operating holding company NCBA Group PLC, while the group's banking business in Kenya will operate as NCBA Bank Kenya PLC.

In January, the Kenya-based lenders agreed to merge their operations through a share swap to create a combined entity with a total asset base of more than 444 billion Kenyan shillings. Commercial Bank of Africa will hold a 53% stake in the combined entity, while NIC Group, which will remain a publicly listed company, will own the remaining 47% stake.

As of Sept. 27, US$1 was equivalent to 103.87 Kenyan shillings.