by David Karani
The merger between NIC bank and Commercial Bank of Africa (CBA) inched closer with John Gachora, who is currently the Group Managing Director of NIC Group designated to become the Group Managing Director and Chief Executive Officer of the combined entity.
In a statement to the media, the new entity also designated Isaac Awuondo, who is currently the Group Managing Director of CBA to be Chairman of the Kenyan banking subsidiary.
“As earlier announced, we have received approval from our shareholders and from the Competition Authority of Kenya. We continue with our operational integration plan as we await other regulatory approvals in the course of Quarter 3 from among others, the Central Bank of Kenya (CBK), Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Insurance Regulatory Authority (IRA) and the Nairobi Securities Exchange (NSE),” the statement further said.
“We are working tirelessly behind the scenes to ensure the new institution will be a reflection of both banks’ values, borrowing from the best of both and building new strengths to deliver a superior financial proposition to you”, the statement added.
A newly constituted joint Executive Committee will take on the leadership of the new institution.
The statement further noted that there will be no changes to bank account numbers or branches.
It said the merger will confer the following benefits to the two banks clients;
- Increased customer touch points (100+ own branches and 94 ATM’s)
- Access to market leading solutions which include – Transactional, Investment, Credit, Liquidity and Cash management solutions
- Strong Relationship Management and continued focus on building long term relationships
- Financial advisory services
- Larger Contact Centre available 24/7
- Access to world class technology
- Quicker Turn Around Times on core banking services
- Best in class banking workforce with a customer centric culture
The statement noted that it is only when all the regulatory approvals have been obtained that the exciting new brand will be launched.