NCBA Group

The group's headquarters are located along Mara Road, in the neighborhood called Upper Hill, in Nairobi, the Capital City of Kenya. The geographical coordinates of the group's headquarters are:01°17'52.0"S, 36°48'46.0"E (Latitude:-1.297778; Longitude:36.812778).{{google maps|access-date=15 April 2020 | url=https://www.google.com/maps/place/1%C2%B017'52.0%22S+36%C2%B048'46.0%22E/@-1.2977778,36.8127778,392m/data=!3m2!1e3!4b1!4m2!3m1!1s0x0:0x0 |title=Location of the headquarters of NCBA Group Plc}}

NCBA Group Plc is a large financial services organization in East and West Africa, with assets valued at over US$4.43 billion (KES:464.89 billion) as of December 2019. Shareholders' equity at that time was valued at approximately US$661 million (KES:69.416 billion).{{cite web|url=https://ncbagroup.com/wp-content/uploads/2020/03/NCBA-Group-PLC-2019-Audited-Financial-Results.pdf |title=Audited Financial Results For The Year Ended 31 December 2019 |publisher=NCBA Group |date=24 March 2020 | author=NCBA Group |access-date=14 April 2020 |location=Nairobi}} The group functions as a non-operating holding company for its subsidiaries in the region. As of October 2019, the group serviced an estimated 40 million customers in four East African countries and in one West African country.

=== 1959–1990 ===

National Industrial Credit (NIC) was incorporated in Kenya on 29 September 1959, when South Africa-based Standard Bank and United Kingdom-based Mercantile Credit Limited jointly formed the company to provide hire purchase and installment credit finance facilities in East Africa. Standard Bank held 40 percent of the venture while Mercantile Credit held the remaining 60 percent.{{Cite web|url = http://www.aim25.ac.uk/cgi-bin/vcdf/detail?coll_id=19613&inst_id=118&nv1=browse&nv2=sub|title = National Industrial Credit Corporation: Corporate|accessdate = 2015-10-05|publisher = AIM25}}

In 1971, NIC became a public company and was listed on the then Nairobi Stock Exchange (NSE). Barclays Bank of Kenya Limited (BBK) acquired 51 percent of NIC's total shares through the acquisition of Mercantile in the 1970s and Standard's NIC shares in the 1980s.{{Cite web|title=NIC Bank Limited|url=https://www.nic-bank.com/ke/faqs-2/nic-securities/|website=NIC Bank|language=en|access-date=2020-05-28}}

Between 1993 and 1996, BBK divested its shares, selling 38 percent of its shares to the public in 1994 through a secondary market offering and the remaining 20 percent in 1996 to the First Chartered Securities Group (FCS). Because of changing trends, regulatory requirements in the Kenyan banking industry, and the need to meet growing customer requirements, NIC obtained a commercial banking license from the Central Bank of Kenya in September 1995.{{cite web|title=Conversions to Commercial Banks in Kenya 1994 - 2008 |date=2017 | url=https://www.centralbank.go.ke/commercial-banks/conversions/ |publisher=Central Bank of Kenya |author=Central Bank of Kenya |access-date=15 April 2020 |location=Nairobi}}

To effectively diversify into mainstream commercial banking, NIC merged in November 1997 with African Mercantile Bank Limited, which was then owned by FCS, by way of a share swap. The purpose of this merger was to allow NIC to enhance its market position, provide a broader and more efficient range of services to its customers, and increase the returns to shareholders.{{Cite web|title=NIC Bank Limited (Rights) - NICR (NSE): Stock Quote, Share Price, Chart, News & Profile|url=http://www.moneyhub.net/scripts/cgiip.wsc/globalone/htm/quote_and_news.r?pisharetype-id=290725|website=www.moneyhub.net|access-date=2020-05-28}}

In 2006, NIC established an investment bank NIC Capital as a wholly owned subsidiary. In 2008, NIC through its subsidiary NIC Capital acquired a 91 percent stake in Solid Securities Limited and subsequently re-branded it to NIC Securities Limited. This acquisition gave NIC Bank Group a seat at the NSE.{{Cite web|title=NCBA Bank - Welcome to the Bank that says Go For It|url=https://ke.ncbagroup.com/|website=NCBA Bank|language=en-US|access-date=2020-05-27}}

In 2009 NIC Bank Group established NIC Insurance Agents to offer insurance brokerage and bancassurance services. In the same year, the Group made its first expansion outside Kenya through its acquisition of a 51 percent share of Savings and Finance Commercial Bank, a medium size bank in Tanzania. In December 2010, the Savings and Finance Commercial Bank was renamed NIC Bank Tanzania Limited. In 2012, the group established operations in Uganda through NC Bank Uganda. This was a greenfield investment.{{cite web| url=https://www.monitor.co.ug/Business/Finance/NIC-CBA-parent-banks-merger-negotiations/688608-4888160-2y77b2z/index.html | title=NIC, CBA parent banks in merger negotiations |date=10 December 2018 |newspaper=Daily Monitor |access-date=15 April 2020 |author=Ismail Musa Ladu |location=Kampala}}

File:NIC Bank Logo.png

In December 2018, NIC Group announced that it would be merging with Commercial Bank of Africa Group (CBA) creating Kenya's third-biggest bank.{{cite web|date=7 December 2018 |url=https://kenyanwallstreet.com/nic-bank-cba-group-in-merger-talks-to-create-3rd-largest-lender/ |title=NIC Bank and CBA Group in Merger Talks to Create 3rd Largest Kenyan Lender |access-date=15 April 2020 |publisher=The Kenyan Wall Street |author=The Kenyan Wall Street |location=Nairobi}} The merger involved the transfer of 100 percent of the shares of CBA Group by its shareholders to NIC Group in exchange for 53 percent of the newly formed group making the deal a reverse merger.{{cite web|title=CBA, NIC confirm merger plan as unified banks to list on NSE |date=31 January 2019 | url=https://www.businessdailyafrica.com/corporate/companies/CBA--NIC-confirm-merger-plan-as-unified-bank-to-list-on-NSE/4003102-4959696-swmc9a/index.html |newspaper=Business Daily Africa | author=Victor Juma |access-date=15 April 2020 |place=Nairobi}}

The Transaction was approved by the Kenyan regulators and shareholders by April 2019.{{cite web| url=https://www.businessdailyafrica.com/news/Regulator-approves-CBA-NIC-merger/539546-5112672-52vish/index.html |title=Regulator approves CBA-NIC merger on condition of employees retention | date=13 May 2019 |newspaper=Business Daily Africa

|author=Patrick Alushula |access-date=15 April 2020 | location=Nairobi}}{{cite web|date=17 April 2019 |url=https://www.reuters.com/article/us-nic-bank-m-a-cba/kenyas-nic-group-shareholders-back-merger-with-cba-idUSKCN1RT1ML |title=Kenya's NIC Group shareholders back merger with CBA |publisher=Reuters |author=Omar Mohammed |editor=Louise Heavens and Emelia Sithole-Matarise |access-date=15 April 2020}} As of May 2019, the merged group was still operating two sets of banks in Kenya, Uganda and Tanzania but was in the process of seeking regulatory approval to merge these business so that they can have one bank in each country and a group re-branding.{{cite web|newspaper=Daily Nation |url=https://www.nation.co.ke/news/Management-shakeup-at-CBA-and-NIC-banks/1056-5116784-kug187z/ |title=John Gachora picked to head NIC, CBA merged outfit |date=16 May 2019 |author=Paul Wafula |access-date=15 April 2020 |place=Nairobi}}

The following is an illustration of NCBA Group's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

{{clade|{{clade

|label1=NIC Bank Group
(2017 group reorganisation){{cite web|access-date=28 November 2019 | url=https://www.businessdailyafrica.com/corporate/companies/NIC-to-finalise-reorganisation-this-month/4003102-4064394-276wmnz/index.html |title=NIC To Finalise Reorganisation This Month |date=10 August 2017 |newspaper=Business Daily Africa |publisher=Nation Media Group |author=Mugambi Mutegi | location=Nairobi}}

|1={{clade

|label1=NIC Bank Ltd

|1={{clade

|1=National Industrial Credit
(est. 1959)

|2=African Mercantile Bank
(acquired 1997)

}}

|2=Solid Securities Ltd
(acquired 2008)

|3=Savings and Finance Commercial Bank (Tanzania)
(acquired 2010)

}}

|label2=Commercial Bank of Africa Group
(acquired 2019)

|2={{clade

|1=Commercial Bank of Africa
(est. 1962){{Cite web|last=|first=|date=November 21, 2014|title=Commercial Bank of Africa Limited - Medium Term Note Programme - Information Memorandum|url=http://www.cbagroup.com/ke/images/Information%20Memorandum.pdf|website=|publisher=Commercial Bank of Africa Limited|accessdate=December 3, 2014}}{{dead link|date=November 2016|bot=InternetArchiveBot|fix-attempted=yes}}

|2=First American Bank of Kenya
United Bank of Africa (Tanzania)
(acquired 2005)[http://www.emergingminds.org/United-Bank-of-Africa-renamed-as-Commercial-Bank-of-Africa.html United Bank of Africa Renamed Commercial Bank of Africa (Tanzania) In 2007] {{webarchive|url=https://web.archive.org/web/20110726030145/http://www.emergingminds.org/United-Bank-of-Africa-renamed-as-Commercial-Bank-of-Africa.html|date=2011-07-26}}

|3=Crane Bank Rwanda
(acquired 2017){{cite web|last=Kabona|first=Esiara|date=20 February 2018|title=Commercial Bank Africa buys out Crane Bank Rwanda|url=https://www.theeastafrican.co.ke/business/CBA-buys-out-Crane-Bank-Rwanda/2560-4312612-ac8m75/index.html|access-date=14 July 2018|location=Nairobi|newspaper=The EastAfrican}}

}}

}}|style=font-size:90%;line-height:130%|label1=NCBA Group Plc}}

NCBA Group maintains the following subsidiaries, as of April 2020.

1. NCBA Bank Kenya: Retail banking:{{Cite web|title=NCBA Bank - Welcome to the Bank that says Go For It|url=https://ke.ncbagroup.com/|website=NCBA Bank|language=en-US|access-date=2020-05-30}} Nairobi, Kenya – 100 percent shareholding – A commercial bank in Kenya, serving individuals and businesses, focusing mainly on large corporations. This is the flagship company of the group.
2. NCBA Investment Bank Limited: Investment banking: Nairobi, Kenya – NCBA Investment Bank was established in 2005 to offer investment banking services. The group owns all the shares in the unit.{{cite web|newspaper=Business Daily Africa |title=NIC raises stake in stockbrokerage unit

|url=https://www.businessdailyafrica.com/Corporate-News/NIC-raises-stake-in-stockbrokerage-unit-/-/539550/2314758/-/x6uos6/-/index.html |author=Victor Juma |access-date=15 April 2020 |place=Nairobi}}

1. NCBA Insurance Agents: Bancassurance{{Cite web|title=Insurance|url=https://ke.ncbagroup.com/insurance/|website=NCBA Bank|language=en-US|access-date=2020-05-30}}– Nairobi, Kenya – NCBA Insurance Agents offers Bancassurance services. NCBA Group owns all of the company.
2. NCBA Bank Tanzania: Retail banking: Dar es Salaam, Tanzania.{{cite web|date=20 December 2010 |newspaper=The EastAfrican |access-date=15 April 2020 | url=https://www.theeastafrican.co.ke/business/NIC%20Bank%20acquires%20Savings%20and%20%20Finance%20invests%20$6m%20in%20SMEs/-/2560/1074810/-/hljw6kz/-/index.html |title=NIC Bank acquires Savings and Finance, invests $6m in SMEs |author=Leonard Magomba | location=Nairobi}} After a successful rights issue in 2013, NIC Group's interest in its Tanzanian subsidiary rose from 51 percent to 68.97 percent.{{cite web| url=http://www.businessdailyafrica.com/Corporate-News/NIC-taps-Ecobank-finance-chief-as-it-ups-Tanzania-stake/-/539550/2211968/-/xqbxg1/-/index.html |title=NIC taps Ecobank finance chief as it ups Tanzania stake |date=18 February 2014 |newspaper=Business Daily Africa |access-date=15 April 2020 |author=George Ngigi |location=Nairobi}}
3. NCBA Bank Uganda: Retail banking: Kampala, Uganda. The group owns all of the shares of the unit.
4. NCBA Bank Rwanda: Retail banking: Kigali, Rwanda.
5. M-Shwari Mobile Banking: Mobile money bank service: Abidjan, Ivory Coast.{{cite web|author=Mumo Muthoki|date=29 November 2016|title=CBA to launch M-Shwari loan service in Ivory Coast next year|url=https://www.nation.co.ke/business/CBA-to-launch-M-Shwari-loan-service/996-3468334-7tq5usz/index.html|access-date=16 April 2020|location=Nairobi|newspaper=Daily Nation}}
6. [https://www.aig.co.ke/about-us AIG Kenya Insurance Company Limited]: Offering general insurance: Nairobi, Kenya – 33.33% shareholding the balance held by the American International Group.[http://www.aig.co.ke/ke-about-us_916_210352.html About AIG Kenya]

The stock of NCBA Bank Group listed on the Nairobi Stock Exchange, where it trades under the symbol NINC. As of December 2019, the largest shareholders in the Group's stock are as depicted in the table below:

{{Portal|Banks}}

• List of banks in Kenya
• Nairobi Stock Exchange
• Central Bank of Kenya

{{reflist}}

• [https://www.ncbagroup.com/ NCBA Group Plc Homepage]
• [http://www.nse.co.ke/newsite/ Nairobi Stock Exchange Website]
• [http://www.centralbank.go.ke/ Central Bank of Kenya]
• [https://web.archive.org/web/20120406133411/http://www.centralbank.go.ke/financialsystem/banks/Register.aspx List of Licensed Commercial Banks in Kenya]
• [https://www.monitor.co.ug/Business/Markets/688606-1384146-pasaga/index.html/ Bank of Uganda Licenses Two New Banks] As of 11 April 2012.

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Category:Companies listed on the Nairobi Securities Exchange

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Category:Kenyan companies established in 1959

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