NCBA Group, an amalgamation of NIC Group and Commercial Bank of Africa, yesterday listed 793.8 million new shares at the Nairobi bourse, further cementing the merger. Given NIC Group initially had 703.9 million ordinary shares of Sh5 each, the additional shares will bring the sum total of issued shares to 1.49 billion at a per value of Sh7.45 billion. Yesterday, NCBA shares closed at Sh35 this is a 54.18 per cent jump from NIC’s Sh22.7 before the merger was announced. NCBA group managing director John Gachora said the lender is currently working to ensure all systems are harmonised by November 1 to offer customers seamless services across the country. The newly merged bank said it will focus on asset finance and retail banking, leveraging on the strengths of the two lenders and run as the country's third-largest bank.

Source: The Star October 23, 2019 00:56 UTC