IFLR AFRICA AWARDS 2020 – WINNERS ANNOUNCEMENT
IMMMA Advocates recognised for their work on high profile merger at major awards
Leading firm win for Domestic Deal of the Year at inaugural IFLR Awards for Sub Saharan Africa
Domestic Deal of the Year – Commercial Bank of Africa – NIC Bank
James Wilson, commercial editor, IFLR, said of their success: “Commercial Bank of Africa’s (CBA) merger with NIC Bank was a landmark deal for East Africa, leading to the creation of East Africa’s third-largest banking group by assets and the bank with the largest customer base in Africa. The merger of NIC Bank Tanzania (NIC) and CBA Tanzania was a key pillar of the overall transaction and a first-of-its-kind deal in Tanzania.
NIC Bank was listed on the Nairobi Securities Exchange (NSE) and the resulting merged bank, NCBA Bank, was also to be listed. The merger was followed by the amalgamation of all the banks’ respective businesses, including commercial banking, investment banking, stock brokerage and bancassurance businesses operated by the subsidiaries of the merging entities. All of these features meant the transaction was highly regulated and had to fit within a complex cross-border timetable, which IMMMA Advocates worked to coordinate with other DLA Piper Africa member firms.
Furthermore, the deal sets the precedent for bank mergers in Tanzania and how they are treated by the regulators, including the Central Bank of Tanzania (Bank of Tanzania (BoT)). The heavily scrutinised process required close engagement with the BoT to find the most efficient way of merging and to establish a new bank merger route.
IMMMA Advocates, led by Madina Chenge, was pivotal to the deal’s success. The firm conducted in-depth due diligence on CBA Tanzania in preparation of the merger, advised on the merger plan and regulatory compliance, deal timelines and public announcements, competition filings and hearings, and labour law aspects.”
To see the full announcement for the awards please visit: https://vimeo.com/456553204
To see the full list of shortlisted please visit:
to see the full list of winners please visit:
Full a full explanation of the process and methodology please visit IFLR1000’s: