Finance

Kenya: Competition authority approves Commercial Bank of Africa and NIC Bank’s merger

Kenya: Competition authority approves Commercial Bank of Africa and NIC Bank’s merger
Monday, 13 May 2019 14:27

The merger of Commercial Bank of Africa with National Industrial Credit Bank, well-known as NIC Bank, has been approved. This was announced by the competition authority of Kenya in a release published today May 13, 2019.

The authority however required that no employee be fired from the merged entity in the twelve months following the transaction. 

The merger will be done as an equity exchange. At the end of the merger operation, NIC Bank’s current shareholders will own 47% of the newly created entity and 53% for Commercial Bank of Africa’s shareholders.

The new entity will have Ksh 444 billion in assets ($4.41 billion), being the third largest bank in the country after Kenya Commercial Bank and Equity Bank.

The merger between NIC Bank and Commercial Bank of Africa that should be finalised in Q3, 2019, will be the first major transaction in the Kenyan banking industry after the interest rate cap on commercial loans decided by authorities in 2016.  

On the same topic
Proparco commits $17.25 million to Alterra Africa Accelerator Fund Fund targets established African companies with expansion...
MobileMoney Fintech CEO says company may list within 3–5 years Listing would allow users to invest in the company via mobile channels Ghana’s stock...
Government begins third 100-day performance review on April 20, 2026 GDP growth projected to rise from 9.2% to 10.2% Industry, services and...
Fitch says debt restructuring could come before any new IMF program Public debt near 91% of GDP keeps pressure on finances LNG project fuels...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...

AFC Backs First Green Project Finance Bond for 66MW Côte d’Ivoire Solar Plant
04

Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...

Cameroon Presses Telecom Operators on Service Quality as Complaints Rise
05

MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...

MTN Ghana tightens controls on mobile money agents over fraud concerns
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.