The National Industrial Credit Bank (NIC) group and Commercial Bank of Africa have announced that they are in talks about a possible merger between the two banks.
“The boards of directors of both banks believe that combining the activities of two highly profitable entities would create increased capacity to seize strategic growth opportunities, through capital consolidation and strong liquidity,” they said in a statement. Joint communiqué released December 6, 2018.
Eventually, the new structure will have to “invest heavily in new technologies,” “optimize products for customers” and “generate higher returns,” according to the two institutions.
The announcement triggered a 32.45% increase in NIC Bank’s share on the Nairobi Stock Exchancge, the Nairobi Stock Exchange on Friday.
