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CBA Group has announced that it is on the final stage of the merger with NIC bank (NSE:NICB). The bank stated that its shareholders approved of the union with the listed institution during the company’s AGM held on 16th April 2019.


According to a notice issued by the bank, the two financial companies have so far met the conditions on the Merger Agreement document and acquired the regulatory approval needed to proceed.

Directors of CBA group and NIC bank are working on the final steps in the merger process which include preparation and execution of administrative agreements. The officials are also preparing important documents such as Business and Asset Transfer Agreements, Share Acquisition Agreements, Amalgamation Agreements, and other ancillary documents. Lastly, the directors aim to get approvals and exemptions from the different regulatory bodies as required by the law.


Last week, the NIC group urged its investors to approve the merger outlining the many benefits that will emerge from the union. The group’s shareholders are expected to give their approval during the company’s AGM on 17th April.


CBA group cautioned investors to be prudent when dealing in the company’s securities due to the significant impact of the merger on the value of CBA.   


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