, NAIROBI, Kenya, Jul 9 – The proposed merger between NIC Group PLC (NIC Group) and Commercial Bank of Africa Limited (CBA) promises account holders of both entities better financial products and an improved service experience.
In a notification to customers the bank has said, “We are working tirelessly behind the scenes to ensure the new institution will be a reflection of both banks’ values, borrowing from the best of both and building new strengths to deliver a superior financial proposition to our customers.”
The merger will increased customer touch points with a network of more than 100 branches and 94 Automated Teller Machines. The banks promise enhanced transactional, investment, credit, liquidity and cash management solutions and advisory services.
The new institution portends a larger contact centre available 24/7 and quicker turn-round times on core banking services.
“Following approval from our shareholders and from the Competition Authority of Kenya, we continue with our operational integration plan as we await other regulatory approvals in the course of Quarter 3 from among others, the Central Bank of Kenya (CBK), Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Insurance Regulatory Authority (IRA) and the Nairobi Securities Exchange (NSE),” said the notice signed by NIC Bank Group MD, John Gachora.
“It is only when we have all the regulatory approvals that we will be able to launch our exciting new brand. We want the new institution will be a reflection of both banks’ values, borrowing from the best of both and building new strengths to deliver a superior financial proposition to you,” said Gachora.
Upon finalization of the merger and subject to regulatory approval, Isaac Awuondo, who is currently the Group Managing Director of CBA will become Chairman of the Kenyan banking subsidiary. Gachora will become the Group Managing Director and Chief Executive Officer of the combined entity. A newly constituted joint Executive Committee will take on the leadership of the new institution.
“As we get closer to the merger dates, we would like to emphasize that there will be no changes to bank account numbers or branches,” assured Gachora.