The NIC Group and Commercial Bank of Africa domiciled in Kenya but with affiliates in Uganda are in final discussions for a potential merger of the two financial institutions.
The executives of the two banks days ago were relevant approvals from shareholders of the two institutions and regulatory authorities.
Commercial Bank of Africa (CBA) is majorly owned by the Kenyatta family while the Nairobi Securities Exchange- listed NIC Group is partly owned by the billionaire businessman James Ndegwa’s family.
The executives that the merger would create one of the largest financial services groups in the region.
The two lenders said a successful merger would allow it to “invest in future growth and in new technology to create enhanced offerings and wider services to its customers, as well as deliver deeper financial inclusion while generating attractive returns to shareholders.”
“A combined larger group would provide new and greater opportunities for employee development, advancement and growth,” they said.
“The combined group would be strongly placed to play a bigger and more significant role in the banking sector and the economies of Kenya, the region and beyond.”