';
×
× Digital News Videos Opinions Cartoons Education E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×
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.

SEE ALSO: Banking sector’s profitability drops by 88 per cent in April

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."   

SEE ALSO: An injury to one teacher harms entire fraternity

Covid 19 Time Series

 


NIC Bank CBA CBK NCBA Bank Kenya
Share this story

THE STANDARD INSIDER

Read More

Feedback