NIC Bank & CBA Group In Merger talks to create 3rd Largest lender

“Upon successful conclusion of these discussions and subject to approvals from shareholders of the two entities and regulatory authorities it is expected that the envisaged merger would create one of the largest financial services groups in the region.” read the notice in part.

“A combined entity would create a complementary base of over 38 million customers, a strong digital proposition and a robust corporate and asset finance offering……. The Boards believe that combining the business of two highly profitable entities would create enhanced capacity through capital consolidation and strong liquidity to capture strategic growth opportunities.” read the statement signed by NIC ChairmanJames Ndegwa & CBA ChairDestario Oyatsi.

“It is important to note that an eventual merger remains subject to due diligence processes, shareholder, regulatory and other approvals. During this phase of discussions, the two entities will continue to operate independently.”