National Industrial Credit (NIC) Bank Limited was incorporated in Kenya on 29th September 1959 as a joint venture between Mercantile Credit Limited and Standard Bank. It was among the first non-bank financial institutions formed to provide hire purchase and instalment credit finance facilities in Kenya.
NIC Bank went public by listing on the Nairobi Stock Exchange (NSE) in 1971. Barclays Bank (K) Limited (BBK) acquired 51% of NIC Bank’s total shares through the acquisition of Mercantile Credit Limited in the 1970’s and thereafter Standard Bank’s shareholding in the 1980’s. In 1994, Barclays Bank partly divested selling 38% of its shareholding to the public. In 1995, NIC obtained a commercial banking license.