In an approval published in the Kenya Gazette of 27th September 2019, Central of Kenya and The Treasury have granted NIC Group PLC and Commercial Bank of Africa Limited merger their final approval paving way for the opening of Kenya’s 3rd largest bank, by assets. The new merger will be called NCBA Group PLC and the Kenya operating bank will be known as NCBA Bank Kenya PLC.
“The name NCBA is just the beginning of the fusion of the two banks. Soon we shall be announcing the brand which is a reflection of both banks’ values, borrowing from the best of both and building new strengths to deliver better banking experience for our customers,” said Isaac Awuondo, Chairman designate of NCBA Bank Kenya.
According to NCBA Group Managing Director designate, John Gachora, the group is determined that come 1st November, all NCBA customers will experience the same service levels regardless of their previous relationship at NIC or CBA.
NIC-CBA merger’s next phase will be the integration of the businesses in Tanzania, Uganda and Rwanda, which is still subject to specific regulatory approvals from those countries.