Kenya’s CBA offers $13.7 million for Jamii Bora Bank

Kenyan financial services provider Commercial Bank of Africa (CBA), a subsidiary of Commercial Bank of Africa Group, has offered to acquire peer Jamii Bora Bank for 1.4 billion Kenyan shillings ($13.7 million).

The move comes weeks after Commercial Bank of Africa revealed a reverse takeover of peer National Industrial Credit Bank (NIC) Group.

The merged Commercial Bank of Africa, NIC and Jamii Bora business will align as Kenya’s third-largest banking entity, and will have total assets of approximately $4.6 billion.

CBA will hold Jamii Bora privately and also own a stake in the combined operations of CBA and NIC. Commercial Bank of Africa’s microcredit business, M-Shwari, will be spun off to Jamii Bora while CBA and NIC will target mainstay corporate and small and medium enterprises banking.