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The Central Bank of Kenya has announced the merger of Commercial Bank of Africa Limited and NIC Group (NSE:NICB) effective September 30, 2019.


Following the merger, effective October 1, 2019, all subsidiaries will operate under a Non-Operating Holding Company, NCBA Group PLC.


In a statement on Friday, CBK Governor Patrick Njoroge said the merged institutions will operate as NCBA Bank Kenya PLC.

Njoroge said all account holders, depositors, employees, creditors and other stakeholders of the existing institutions should deal with NCBA Bank Kenya PLC and NCBA Group PLC.


This follows CBK’s approval on August 27, 2019 under Section 13(4) of the Banking Act, and approval by the Cabinet Secretary, National Treasury on September 20, 2019, for the merger under Section 9 of the Banking Act.


"The merger will strengthen both institutions leveraging on their combined market share of 9.9 percent and customer base of over 40 million in four East African countries,," Njoroge said.


In July, the National Treasury granted a tax waiver on the transfer of shares between the expected merger of Kenyatta family associated bank, CBA and NIC Bank.


The transaction involves a share swap where CBA shareholders will exchange their shares for 53 per cent of the new shares in NIC.


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