 In December 2018, CBA announced that it would be merging with NIC Group Plc creating Kenya's third-biggest bank.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.The Transaction was approved by the Kenyan regulators and shareholders by April 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 businesses so that they can have one bank in each country and a group rebranding.