The Ndegwas, one of the richest families in Kenya, have proposed or completed five disposals and mergers in the past four years — the latest being the planned merger of Nic Group #ticker:NIC with Commercial Bank of Africa (CBA).

The September 2017 Sh5.5 billion bond restructuring saw the then NIC Bank Limited turn into Nic Group Plc ,a non-operating holding company that oversees the firm’s banking, insurance, securities, capital, leasing and ventures in Kenya, Uganda and Tanzania.

Nic Group, one of Kenya’s mid-sized publicly traded banks, is in merger talks with Commercial Bank of Africa (CBA), the nation’s biggest closely held lender, the two said Thursday.

Companies Kenyattas, Ndegwas create 3rd largest bank in merger Mr Muhoho Kenyatta, director, CBA Group (left) and Mr James Ndegwa, director, Nic Group.

[PHOTO:WILBERFORCE OKWIRI/STANDARD] The Commercial Bank of Africa (CBA) which is associated with the Kenyatta family has started talks that will see it merge with Nic Group in what promises to be the corporate buyout of the year.

, NAIROBI, Kenya, Dec 6 – Nic Group PLC and Commercial Bank of Africa (CBA) have announced that their Boards of Directors have authorized the commencement of discussions regarding a potential merger of the two entities.

Companies NIC Bank, Commercial Bank of Africa announce merger talks The Nic Group and Commercial Bank of Africa have announced that they are engaged in talks regarding a potential merger of the two financial institutions.

The two lenders said a successful merger would allow it to “invest in future growth and in new technology to create enhanced offerings and wider services to its customers By BRIAN NGUGI The Nic Group and Commercial Bank of Africa have announced that they are engaged in talks regarding a potential merger of the two financial institutions.