By The Citizen Reporter
Dar
es Salaam — CBA Bank and NIC Bank Tanzania are expected to undergo
consolidation, after the banks' groups in Kenya approved the merger deal
in their respective annual general meetings.
Kenyan Business
Daily reported last week that the merger still needs approval from local
and
regional regulators including the Bank of Tanzania (BoT), the
Central Bank of Kenya, Capital Markets Authority and Competition
Authority of Kenya. Officials of the banks' subsidiaries in Tanzania
were not ready to comment on the planned consolidation.
The Kenyan business
newspaper said in Kenya, the merged banks have a book value of about
Ksh66 billion (nearly Sh1.3 trillion), and will have a new name.
The banks expect
that all the requisite approvals will be obtained by June, allowing
shares of the merged entity to commence trading on the Nairobi
Securities Exchange (NSE) on July 17, according to Business Daily.
Owners of the
privately-held CBA were the first to ratify the amalgamation on Tuesday
last week, with NIC's shareholders also supported the proposed deal on
Wednesday.
"Whilst a new name
is yet to be selected, both NIC and CBA are jointly working with
external brand consultants to identify a name that will reflect the
identity, values and aspirations of the new merged entity," NIC Kenya
chairman James Ndegwa said.
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