The Kenya Commercial Bank (KCB) group has taken over the operations of National Bank of Kenya Limited (NBK).
This is after the Central Bank of Kenya (CBK) gave KCB group a nod to proceed with the process of acquiring 100 per cent of the shares of the firm as it seeks to stamp its authority in the competitive market.
The two financial institutions will now share a balance sheet of Sh828 billion based on the financial records for the year ended 2018.
The merger is a big boost to the KCB group, which has been facing stiff competition from other financial institutions including Family Bank, Equity Bank and Barclays Bank among others operating in different parts of the nation.
Acting Treasury Cabinet Secretary Ukur Yatani has said that President Uhuru Kenyatta-led government supported the merger but asked the two banks to pursue the legal procedures before the union.
KCB has several branches in Rwanda, Burundi, Uganda, Tanzania and South Sudan.
The customers from both banks are also expected to reap big from the merger as the management contemplates more innovative ways of making service delivery is at the top-notch.
KCB chief executive Joshua Oigara has been on the frontline in the push for the merger.