But there is no significant difference. Why even give bonus shares? Just sell existing shares.

Just an example:
Assume NCBA has 100,000 shares

1000 shares = 1% shareholding
1,100 (after bonus) = 1% shareholding (of 110,000 shares)

In both the above cases, the shareholder can sell some (100) of his shares for cash. The bonus is a waste of time.

1000-100 = 900 shares = 0.9% shareholding (of 100,000 shares)
1,100 - 100 = 1,000 shares = 0.91% shareholding (of 110,000 shares)

Yes

How?
[/quote
The first to cancel FY cash dividends

“BoU has issued a letter of no objection to the proposed business [merger] of NC Bank and Commercial Bank of Africa,” the notice signed by Mr Sam Ntulume, the NC Bank managing director and Mr Anthony Ndegwa, the CBA chief executive officer, reads in part.

The merger is expected to give the two banks an edge that is likely to build a relatively large financial base.

NC Bank recovered from a Shs4.3b loss for the period ended December 2018 to post Shs3b in profits in 2019 while CBA made a loss of Shs10.4b in 2019 from a Shs567m profit in 2018.

NC Bank is a subsidiary of the National Industrial Credit Bank (NIC).