CBA merges with NIC, forms NCBA bank

CBA and NIC bank merge. [Photo/File]

CBA merges with NIC, forms NCBA bank

The Commercial Bank of Africa and NIC bank have merged forming a new outfit called NCBA.

The merge is effective from October 1, 2019.

CBA broke the merger news on their Twitter account on Friday, September 27 after Central bank of Kenya (CBK) and The Treasury approved granted them the approval.

“By approval published in the Kenya Gazette of 27th September 2019, @CBKKenya and @KeTreasuryhave granted the final approval for NIC Group PLC (NIC) and Commercial Bank of Africa (CBA) Limited merger, this paves the way for the opening of Kenya’s 3rd largest bank, by assets,” reads the tweet.

Press release by CBK.