This archive report was first published on 9 July 2019.
On July 9, 2019, the proposed merger between NIC Group PLC (NIC Group) and Commercial Bank of Africa Limited (CBA) was announced, promising customers of both entities better financial products and an improved service experience.
The merger aims to combine the strengths of both banks, offering enhanced transactional, investment, credit, liquidity, and cash management solutions, as well as advisory services.
According to a notification to customers, the new institution will have a network of over 100 branches and 94 Automated Teller Machines, increasing customer touch points.
John Gachora, NIC Bank Group MD, stated that the bank continues with its operational integration plan, awaiting regulatory approvals from the Central Bank of Kenya (CBK), Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Insurance Regulatory Authority (IRA), and the Nairobi Securities Exchange (NSE).
Upon finalization of the merger, Isaac Awuondo will become Chairman of the Kenyan banking subsidiary, while Gachora will become the Group Managing Director and Chief Executive Officer of the combined entity.
Gachora assured customers that there will be no changes to bank account numbers or branches.
