NIC and CBA banks merge making it the third largest bank asset-wise

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NCBA Group has today unveiled a new logo and tagline (Go for it) as it officially commences operations as the country’s third largest bank by assets.

The Central Bank of Kenya and the National Treasury granted approval for the merger of NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) via a Kenya Gazette notice of Friday, 27th September 2019.

The approval paved the way for the two organisations to officially start operations as NCBA Group PLC from Tuesday, 1st October 2019, with the Kenya operating bank being called NCBA Bank Kenya PLC.

According to Mr Isaac Awuondo, Chairman designate of NCBA Bank Kenya PLC the new brand identity is expected to enable the combined entity to leverage on the strengths, values and historic legacies of the former two brands.

“We are pleased to unveil our new inspirational logo, as part of our journey to bring our merger under one unified banner. Starting this month, the new NCBA logo and visual identity will be rolled out gradually across our entire customer touch points,” said Awuondo.

John Gachora, NCBA Group Managing Director said the name and logo reflects the new bank’s deep roots and experience in the region.  It also represents the ambitions of the bank to become the #1 bank in Kenya and to grow across the continent.

“We are excited about our bold, new unified identity which sets us apart and resonates very well with our customers. NCBA is a stronger and larger bank, with the financial strength, expertise and regional connectivity to put its customers first through an expanded range of products and services,” says Gachora.

On the 6th December last year, NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) announced the respective Boards of Directors authorised commencement of discussions regarding a potential merger of the two entities. The two entities then announce their Boards of Directors unanimously voted to recommend to shareholders a merger of the two banks in January this year.

The proposed merger was to be executed through a share exchange, with a share ratio between NIC and CBA being 47:53 respectively. In May this year, The Competition Authority of Kenya (CAK) approved the proposed shares its conditions on the same.

CBK approves merger

The Central Bank of Kenya through Kenya Gazette Notice No. 9038 approved the amalgamation of Commercial Bank of Africa Ltd and NIC Group PLC effective 30th September 2019.

The bank will over the next month finalise the harmonisation of its systems so that its customers can enjoy seamless services across our channels in Kenya.

“Our ambition is that by 1st November, all NCBA customers will experience the same service levels regardless of their previous relationship at NIC or CBA,” Gachora said.

The next phase of the merger is the integration of the businesses in Tanzania, Uganda and Rwanda, which is still subject to specific regulatory approvals from those countries.

NCBA Bank PLC is a universal bank providing a full range of financial products and services to corporate, institutional, SME and consumer banking customers.

The bank commenced operations on 1st October 2019 following approval by The Central Bank of Kenya and the National Treasury of the merger of NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA).

NCBA is Kenya’s third largest bank by assets. NCBA operates a network of more than 100 branches in five countries including Kenya, Uganda, Tanzania, Rwanda and Ivory Coast. Serving over 40 million customers, the NCBA is the largest bank in Africa by customer numbers.

The bank is set to play a key role in supporting Kenya’s economic ambitions, specifically facilitating implementation of the Government’s Big Four Agenda which focuses on food security, affordable housing, manufacturing and universal healthcare. The bank is a market leader in Corporate Banking, Asset Finance and Digital Banking.

Also Read: Tough times push Kenyan banks into acquisitions

Yvonne Kawira is an award winning journalist with an interest in matters, regional trade, tourism, entrepreneurship and aviation. She has been practicing for six years and has a degree in mass communication from St Paul’s University.

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