NAIROBI (Reuters) – Kenya’s Commercial Bank of Africa said on Friday its shareholders had accepted a share swap with NIC Group, paving way for its merger.

The two banks first announced their planned merger in January, in which current NIC Group shareholders would own 47 percent of the merged entity and CBA shareholders owning 53 pct.

“As a result of the share exchange transaction, it is proposed that NIC Group will acquire sole control of CBA and its subsidiaries,” CBA said in a statement published in Kenyan newspapers.

Reporting by George Obulutsa; Editing by Clement Uwiringiyimana