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Week commencing 4 February
Commercial Bank of Africa and NIC Group have agreed to combine their operations to create Kenya’s third-largest lender in the biggest banking tie-up in at least a decade. Privately-held CBA will get 53% of the merged entity while NIC Group will hold the balance. The merged bank will have a combined asset base of $4.1bn in Kenya alone and 9% of all loans in the country.
Bloomberg 31 January
Indian print and packaging firm Ramco Plexus has acquired 73.6% of the issued share capital of Kenyan scratch-card company Sintel Security Print Solutions. Sintel clients include telecommunications firms such as Safaricom, Airtel and Telkom.
Liquid Africa 30 January
Spanish online delivery company Glovo has launched operations in Nairobi. Its application enables customers to order items such as food, groceries or gifts from their smartphones. It’s the latest smartphone-centred business to launch in Kenya after taxi hailing apps such as Uber and Taxify.
Daily Nation 30 January
UAE-based alternative asset management firm Gulf Capital has invested $22m in Tunisian-based CHO Company. Founded in 1996, CHO manages one of the world’s largest farm-to-fork operations using sustainable farming methods.
Liquid Africa 28 January
Spanish multinational oil and gas company CEPSA wants to expand its presence in Morocco and Mexico. CEPSA has a storage facility and a licence for the operation of 10 service stations in Morocco which are managed by joint venture partner Afriquia. The company wants to have 30 stations by 2020.
Morocco World News 27 January