It is now official. The NIC Bank Group and Commercial Bank of Africa (CBA) have changed their name following a successful merger.
The new outfit will now be known as NCBA Group PLC and the Kenyan faction will be known as NCBA Bank Kenya PLC.
“The name is the coming together of NIC Group and Commercial Bank of Africa and is just the beginning of the fusion of the two banks,” Said Mr. Isaac Awuondo, Chairman of the NCBA Kenya Bank PLC.
The new outfit now forms Kenya’s third-largest bank in terms of assets. The assets now stand at 415 billion shillings. The new bank will also account for 9 percent of all loans in Kenya.
“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 for our customers,” said Mr. Awuondo.
“Following the merger, effective October 1, 2019, all subsidiaries will operate under a Non-Operating Holding Company, NCBA Group PLC.
The banking business in Kenya of the merged institutions will operate as NCBA Bank Kenya PLC. All account holders, depositors, employees, creditors and other stakeholders of the existing institutions should deal with NCBA Bank Kenya PLC and NCBA Group PLC,” said a statement from CBK.