Southern Credit, Equatorial Commercial Bank in Merger Deal.

Stiff competition in the financial sector has forced Southern Credit Bank and Equatorial Commercial Bank to merge in a deal expected to take shape by the end of April.

However, the deal is yet to be approved.

"The competition is fierce for small banks to be competitive in business and we believe this move will pay off," Mr Peter Harris, managing director Equatorial Commercial Bank told journalists in Nairobi on Monday.

Finer details of this deal is yet to be agreed upon although the new outfit will retain the name of Equatorial Commercial Bank.

Among the strengths that the banks are hoping to garner from this deal include a wider customer base, …