Kenya: Exempt Share Tax on NIC / CBA Merger

Kenya’s Ministry of Finance has cleared the National Industrial Credit Bank (NIC) and the Commercial Bank of Africa Limited (CBA) for the transfer of the share transfer tax, according to information this week by the local press.

The exempt amount represents 1% of the value of the unlisted shares transferred. The shares of the merged entity are 53% owned by current shareholders of CBA and 47% owned by NIC Bank. « The transaction is an exchange of shares between the two banks, » says one.

As a reminder, it was last March that the directors of the two institutions took note of their merger decision to put the third largest bank in Kenya and the region on the market in terms of economic activity, with a capital of $ 4.4 billion and a portfolio of 40 million customers.

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