NCBA bank is the newest lender in the banking market which came into existence after two old banks NIC and CBA joined forces to become one giant financial institution in Kenya.
Here is the storyline to formation of NCBA bank
6th December 2018: NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) announce the respective Boards of Directors authorised commencement of discussions regarding a potential merger of the two entities.
31st January 2019: NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) announce their Boards of Directors unanimously voted to recommend to shareholders a merger of the two banks.
It was announced the proposed merger would be executed through a share exchange, with a share ratio between NIC and CBA being 47:53 respectively.
16th April 2019: Commercial Bank of Africa Limited (“CBA”) held an Annual General Meeting where its shareholders overwhelmingly approved the merger with NIC Group PLC (“NIC”).
17th April 2019: NIC Group PLC (“NIC”) held an Annual General Meeting where its shareholders overwhelmingly approved the merger with Commercial Bank of Africa Limited (“CBA”).
13th May 2019: The Competition Authority of Kenya (CAK) approved the proposed shares its conditions on the same.
15th May 2019: Announcement of the designated leadership of the merged NIC and CBA announced.
27th September 2019: The Central Bank of Kenya through Kenya Gazette Notice No. 9038 approved the amalgamation ofCommercial Bank of Africa Ltd and NIC Group PLC effective 30th September 2019.
27th September 2019: The Central Bank of Kenya issued a Press Release announcing the approval of the name of the amalgamated Bank NCBA Group Plc.
Source ; NCBA Group
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