CBA and NIC merger is set for end of yearIsaac Awuondo (eft) Group Managing Director CBA with John Gachora (right) Group Managing Director NIC Bank speaking during a merger between NIC and CBA banks. NIC Managing Director John Gachora said the merger would give the two banks a big balance sheet to leverage national development. “After such share exchange, the 34 shareholders of CBA will in aggregate own 53 per cent stake of the issued shares in NIC Group whilst existing NIC Group will own 47 per cent stake of the issued shares in NIC Group,” said NIC in a cautionary note to investors. CBA Group Managing Director Isaac Awuondo said the bank would not fire employees but would retain them in alternate roles. “So we will retain the workforce, only the roles may change.”SEE ALSO :NIC, Commercial Bank of Africa start merger talk

Source: Standard Digital January 31, 2019 21:04 UTC