December 6, 2018 / 2:29 PM / 8 days ago

Kenya's NIC Bank and Commercial Bank of Africa to explore merger

NAIROBI, Dec 6 (Reuters) - Kenya’s NIC Bank and Commercial Bank of Africa will hold talks on a potential merger, they said in a joint statement on Thursday.

NIC is a mid-sized lender while CBA is ranked among the top banks in the East African nation. The potential merger would be the first major deal announced in the industry since the government capped commercial lending rates in 2016.

Reporting by Duncan Miriri; Editing by Kirsten Donovan

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