Just days after the Competition Authority of Kenya approved the merger between Commercial Bank of Africa Limited (CBA) and NIC Group. The two banks have now released a leadership structure.
Under the new structure, Isaac Awuondo who is the CEO of CBA will become the chairman of the board of the new banking outfit. While NIC Group Managing Director John Gachora will be the CEO.
The new entity will exist as a listed company on the Nairobi Securities Exchange. It will operate more than 66 bank branches within and outside Kenya with a workforce of 1,872 employees. The Competition Authority notes that the coming together of the two financial institutions will not lead to unhealthy competition in the banking sector.
According to a joint statement released by the two banks, the merged group will operate under a new name and brand, which will be determined prior to concluding the merger. The combined entity’s board of directors and executive management team will also be well balanced between the two institutions.
The Nairobi Securities Exchange-listed NIC Group will be renamed and made the merged group’s non-operating holding company for subsidiary banks.