Customers walk outside the Commercial Bank of Africa Westlands branch in Nairobi

Kenya's Commercial Bank of Africa says its shareholders have accepted merger with NIC Group

NAIROBI (Reuters) - Kenya's Commercial Bank of Africa said on Friday its shareholders had accepted a share swap with NIC Group, paving way for its merger.

The two banks first announced their planned merger in January, in which current NIC Group shareholders would own 47 percent of the merged entity and CBA shareholders owning 53 pct.

"As a result of the share exchange transaction, it is proposed that NIC Group will acquire sole control of CBA and its subsidiaries," CBA said in a statement published in Kenyan newspapers.

(Reporting by George Obulutsa; Editing by Clement Uwiringiyimana)

2019-03-15 09:16:58

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.