Economy

Kenya’s CBA shareholders accept merger with NIC Group

Date: Mar 15, 2019

Kenya’s Commercial Bank of Africa (CBA) said on Friday its shareholders had accepted a share swap with NIC Group, paving way for its merger.

The two banks first announced their planned merger in January, in which current NIC Group shareholders would own 47% of the merged entity and CBA shareholders owning 53%.

“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 newspapers.

--Reuters--

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