The Central Bank of Kenya and the Kenya National Treasury have approved the merger of NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) paving the way for the integration of the two banks.
EAC Industry

Central Bank of Kenya approves NIC and Commercial Bank of Africa merger

EABW EditorComment(0)

The Central Bank of Kenya and the Kenya National Treasury have approved the merger of NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) paving the way for the integration of the two banks.

The two banks received the final approval from Central Bank of Kenya and the Kenya National Treasury over the weekend.

The newly merged group will be called NCBA Group PLC and the Kenya operating bank will be known as NCBA Bank Kenya PLC.

The two banks will spend the next one month finalizing the harmonization of their systems so that their customers, can enjoy seamless services across all their touchpoints.

“Our rollout plans also include the unveiling of an exciting new identity across all our customer touchpoints in Kenya,” read a statement the two banks released over the weekend.

“We will continue to update you as we transition you smoothly into NCBA Kenya PLC.

“As earlier communicated, the regional integration for Tanzania, Uganda and Rwanda will be completed as Phase 2.  This process continues.”

EABW Editor
http://www.busiweek.com

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