NIC Bank Kenya #ticker:Nic Group Managing Director John Gachora and other top managers have asked the court to reject a case against them filed by lawyer William Kipkorir Arusei.

Capital Markets NIC Bank gains Sh3.2bn on merger update Nic Group gained Sh3.2 billion in market value in Thursday’s trading as investors reacted positively to the announcement that the bank will proceed with its proposed merger with Commercial Bank of Africa (CBA).

“Ultimately, the shareholders of CBA will exchange their shares in CBA for new shares in Nic Group, which will be the holding company of the merged businesses,” CBA managing director Issac Awuondo said.

- Directors of Nic Group and its subsidiary NIC Bank met and resolved to go ahead with the merger - Once all conditions are met, shareholders of CBA will exchange shares in CBA for new shares in Nic Group - Nic Group will, however, remain listed on the Nairobi Securities Exchange under the new arrangement - The two lenders commenced the merger talks on December 6, 2018 with the aim of creating one of the largest financial services groups in the region The directors of Nic Group and its subsidiary NIC Bank have agreed to enter into a merger with the Kenyatta family-owned Commercial Bank of Africa (CBA).

“No Job cuts expected with the merger, as we are set to focus on growth, no branches expected to be closed,” said Nic Group Managing Director John Gachora.

By VICTOR JUMA Commercial Bank of Africa (CBA) and Nic Group have confirmed their merger plan whose completion will see the unified banks listed on the Nairobi Securities Exchange (NSE).

Companies CBA, NIC confirm merger plan as unified banks to list on NSE Commercial Bank of Africa (CBA) and Nic Group have confirmed their merger plan whose completion will see the unified banks listed on the Nairobi Securities Exchange (NSE) #ticker:NSE CBA shareholders will be issued with shares amounting to a 53 per cent stake in the merged institutions, effectively making the deal a reverse takeover of NIC.

“Today we announce our intention to merge Nic Group and CBA Group,” Chairman James Ndegwa told reporters.

The Jamii Bora acquisition bid comes only weeks after CBA announced a reverse takeover of Nic Group, which is listed on the Nairobi Securities Exchange (NSE).

The Jamii Bora acquisition bid comes only weeks after CBA announced a reverse takeover of Nic Group, which is listed on the Nairobi Securities Exchange (NSE).