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NIC Bank gains Sh3.2bn on merger update

From left: NIC Bank managing director John Gachora, NIC Group chairman James Ndegwa, Commercial Bank of Africa (CBA) chairman Desterio Oyatsi and the group managing director Isaac Awuondo when the two institutions announced their merger in Nairobi on January 31, 2019. PHOTO | SALATON NJAU | NMG

By  Victor Juma

Business Editor

Nation Media Group

NIC Group gained Sh3.2 billion in market value in Thursday’s trading as investors reacted positively to the announcement that the bank will proceed with its proposed merger with Commercial Bank of Africa (CBA).

The two lenders first announced they had entered merger talks on December 6.

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