Kenya’s Commercial Bank of Africa (CBA) said on Friday its shareholders had consented to a swap with NIC Group, following announcement months back.
In January, the two banks announced a planned merger in which current NIC Group shareholders would own 47 percent of the merged entity and CBA shareholders 53 percent.
“As a result of the share exchange transaction, it is proposed that NIC Group will acquire sole control of CBA and its subsidiaries,” CBA said in a statement published in Kenyan media.
NIC is a leading bank in asset financing and has a strong base of mid-sized corporate clients. CBA has a strong retail client base, including digital-only customers on its M-Shwari mobile platform.
The banks said in January that once merged, the group will have more than 100 branches, spanning Kenya, Tanzania, Uganda, Rwanda and Ivory Coast.
It will also have a presence on mobile platforms in Tanzania, Uganda and Rwanda and Ivory Coast, in collaboration with telecoms firms in the four countries.