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Kenya's NIC Group shareholders approve merger with CBA

An NIC Bank branch on Kenyatta Avenue in Nairobi. NIC shareholders have approved its merger with the Commercial Bank of Africa. FILE PHOTO | NMG

By  REUTERS

REUTERS

NIC Group’s shareholders have approved its merger with the Commercial Bank of Africa, the company said on Wednesday, paving the way for the two companies to create the third-biggest bank by assets in east Africa.

The deal is subject to approval from regulators and NIC expects the process to be concluded in the third quarter of 2019.

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