Financial services group, NCBA Group PLC on Tuesday listed additional shares at the Nairobi Securities Exchange (NSE) after the merger of NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA).
NCBA Group listed an additional 793.8 million shares. The previously listed entity, NIC Group’s issued and paid-up share capital stood at Ksh 3.5 billion comprising 703.9 million ordinary shares of Ksh 5 each. NCBA now has a total of 1.49 billion issued shares with a par value of Ksh 7.45 billion.
The merged entity, NIC Group PLC and Commercial Bank of Africa Limited (CBA) began operating earlier this month following approval by the Central Bank Of Kenya and the National Treasury on September 27.
Speaking during the bell ringing ceremony to kick of the trading of the new shares, NCBA Group Chairman James Ndegwa, noted that the listing of the new shares is part of the Banks’ journey towards building a strong institution in which Kenyans and other investors can be a part of.
“We are grateful to our investors who gave us the nod to get to where we are today, effectively creating the third-largest financial institution in the country. NCBA maybe three weeks old but together we bring over one hundred years of banking experience. We have been busy having unveiled the new inspiring NCBA logo, as part of our journey to bring our merger under one unified banner, we are currently rolling out our visual identity across all customer touchpoints in the region,” Ndegwa said.
As of April, NIC and CBA banks had a combined total share of 1,433,750,468. NIC Bank had 639,945,603 while CBA shareholders had a maximum of 793,804,865.
The bank will over the next month finalise the harmonisation of its systems so that its customers can enjoy seamless services across our channels in Kenya.
“Our ambition is that by 1st November, all NCBA customers will experience the same service levels regardless of their previous relationship at NIC or CBA,” John Gachora, NCBA Group Managing Director said during the Group’s new logo launch.
The next phase of the merger is the integration of the businesses in Tanzania, Uganda and Rwanda, which is still subject to specific regulatory approvals from those countries.