CBA and NIC merger is set for end of year

Isaac Awuondo (eft) Group Managing Director CBA with John Gachora (right) Group Managing Director NIC Bank speaking during a merger between NIC and CBA banks. [Wilberforce Okwiri/Standard]

The proposed merger of Commercial Bank of Africa (CBA) and NIC Bank is expected to be finalised by the end of this year.

The banking conglomerate arising from the merger of the two lenders associated with the Kenyatta and Ndegwa families, the management said yesterday, was expected to give it increased financial muscle to participate in mega State projects. NIC Managing Director John Gachora said the merger would give the two banks a big balance sheet to leverage national development.