NIC Group PLC and Commercial Bank of Africa will be known as NCBA from Monday following the completion of the merger of the two banks.
The Central Bank of Kenya (CBK) yesterday gave the final green light allowing the two lenders to merge their operations creating the 3rd largest bank in the country.
"Following the merger, effective October 1, 2019, all subsidiaries will operate under a Non-Operating Holding Company, NCBA Group PLC,” stated CBK. The banking business in Kenya of the merged institutions will operate as NCBA Bank Kenya PLC.
This means all account holders, depositors, employees, creditors and other stakeholders of the existing institutions will now deal with NCBA Bank Kenya PLC and NCBA Group PLC.
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CBA's Group Managing Director Isaac Awuondo will serve as the Chairman of NCBA Bank Kenya PLC with his counterpart at NIC Group John Gachora serving as NCBA Group Managing Director.
"This name is the coming together of NIC and CBA and is just the beginning of the fusion of the two banks,” said Isaac Awuondo. "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."
The merger will give NCBA group 9.9 per cent market share in Kenya’s financial services sector and a customer base of over 40 million in four East African countries.
Gachora said: "We have made considerable progress towards readiness for day 1. Our plan is to spend the next one-month finalising the harmonisation of our systems so that all our customers can enjoy seamless services."
"Our ambition is that by November 1, all NCBA customers will experience the same service levels regardless of their previous relationship at NIC or CBA."
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