I am pleased to inform you that the Boards of Directors of NIC Group PLC (“NIC”) and Commercial Bank of Africa Limited (“CBA”) have announced that they will recommend the proposed merger of the two banks to their respective shareholders.
The merged entity will be one of the largest banks in East Africa with a total asset base of KES 444 Billion and Shareholders’ Equity of KES 65 Billion. It will be the second largest bank in Kenya by customer deposits and third largest by total assets and a true market leader in Corporate Banking, Asset Finance and Digital Banking. The bank will operate a network of more than 100 branches across five regional economic centres including Nairobi, Kampala, Dar es Salaam, Kigali and Abidjan. Serving over 40 million customers, the combined entity will be the largest bank in Africa by customer numbers.
The merger will create a Universal Bank that provides the full range of financial products, solutions and services to corporate, institutional, SME and personal banking customers, who will benefit from our strong relationship management focus and customer service excellence. As our customer, you remain and continue to be our first priority.
Please note that until the merger becomes effective, the two entities will continue to operate independently and as such, there will be no immediate change to your banking relationship. (John Gachora, MD, NIC Bank)
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