Commercial Bank of Africa(CBA) is reportedly in talks with National Industrial Credit Bank (NIC) over a possible merger. Kenyatta family owns a stake a CBA.
The entity will be ranked among the top bankers in the region if the merger goes through. They will be owing to a combined customer base of 38 million people.
Directors from both banks through a statement confirmed that talks will soon start. the banks will continue operating independently until an agreement is reached.
Part of the statement read, “It is the view of the two boards that the potential merger would bring together the best in class retail and corporate bank with strong potential for growth in all aspects of banking and wealth management.”
“It is important to note that an eventual merger remains subject to due diligence processes, shareholders’, regulatory and other approvals,” revealed NIC board chair James Ndegwa and CBA chair Destario Oyatsi.
Apart from the stake at CBA, Kenyatta family also owns Peponi group of schools which charge a fee of Kshs 600,000 per term, Brookside Dairy which is ranked top among top dairy companies and vast parcels.
The family also owns prime assets of land including 24,000 acres in Taita Taveta, 10,000 acres in Gatundu and 29,000 acres in Kahawa Sukari.