Kenyatta Family’s CBA Bank to Merge With NIC

  • President Uhuru Kenyatta and his Mother former First Lady Ngina Kenyatta Twitter
  • Commercial Bank of Africa (CBA), in which Kenyatta family owns a stake, is reportedly in talks with National Industrial Credit Bank (NIC) over a possible merger.

    In case the merger goes through, the entity will be ranked among top bankers in the region owing to a combined customer base of 38 million people.

    Through a joint statement to newsrooms, directors from both banks confirmed that the talks would soon commence.

    It is the view of the two boards that the potential merger would bring together the best in class retail and corporate bank with strong potential for growth in all aspects of banking and wealth management,” read the statement.

    CBA bank Westlands branch

    However, the two banks will continue to operate independently for now until the discussion phase is concluded.

    It is important to note that an eventual merger remains subject to due diligence processes, shareholders’, regulatory and other approvals,” revealed NIC board chair James Ndegwa and CBA chair Destario Oyatsi.

    NIC is listed on Nairobi Stock Exchange (NSE).

    Besides CBA (with an asset base estimated at Kshs75.4 million), the Kenyatta family also owns Peponi group of schools, Brookside Dairy and vast parcels of land among others.

    Brookside dairy has been in existence for years and is ranked among top dairy companies while Peponi schools charge a fee of Kshs 600,000 per term.

    The family also owns prime assets of land including 24,000 acres in Taita Taveta, 10,000 acres in Gatundu and 29,000 acres in Kahawa Sukari.

    NIC Bank Signage