NIC Group shareholders back merger with CBA

NIC Group’s shareholders have approved its merger with the Commercial Bank of Africa, the company said on Wednesday, paving the way for the two companies to create the third-biggest bank by assets in East Africa.

The deal is subject to approval from regulators and NIC expects the process to be concluded in the third quarter of 2019.

In January, the two banks announced the planned deal in which current NIC Group shareholders would own 47 percent of the merged entity and CBA shareholders 53 percent. Last month, CBA said its shareholders had accepted a share swap with NIC Group.