Mr Muhoho Kenyatta, director, CBA Group (left) and Mr James Ndegwa, director, NIC Group. PHOTOS | FILE
Kenyattas, Ndegwas create 3rd largest bank in merger
Commercial Bank of Africa’s (CBA) announcement that it had opened talks with rival NIC Group for a possible merger, if successful, will create the third-largest lender by assets, making it the biggest re-arrangement of Kenya’s banking landscape in a decade.
The new entity will have Sh444.3 billion in total assets, based on September disclosures, overtaking Co-operative Bank , which will be relegated to the fourth position.
The new bank will rank third after KCB and Equity , whose assets were valued at Sh684.1 billion and Sh560.3 billion respectively in the same period.