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Announced

NIC Group and Commercial Bank of Africa agreed to merge.

Synopsis

NIC Group, a commercial bank in Kenya, and Commercial Bank of Africa, a financial services provider, agreed to merge to create the third-biggest bank in the region. The transaction will take place through a share swap between the two banks, with current NIC group shareholders owning 47% of the merged entity and CBA shareholders owning 53% of the merged entity.

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