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I&M cost of buying Uganda bank rises to Sh4 1 billion
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I&M cost of buying Uganda bank rises to $37 2 million
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I&M Bank Kenya takes Sh5 4bn IFC loan to boost lending
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KCB to spend Sh6bn in buying Rwandan, Tanzanian banks
Tuesday May 11 2021
KCB Group CEO Joshua Oigara (right) Chairman Andrew Kairu (centre) and Group CFO Lawrence Kimathi during the release of the full-year result. PHOTO | POOL
By VICTOR JUMA
Summary
KCB Group will spend a total of Sh6 billion to acquire two banks in Rwanda and Tanzania from London-listed Atlas Mara limited.
The amount has increased after KCB sought to make a full buyout of the Rwandan bank by making an offer to its minority shareholders who hold a combined 38 percent stake.
KCB Group #ticker:KCB will spend a total of Sh6 billion to acquire two banks in Rwanda and Tanzania from London-listed Atlas Mara limited.
Shares
I&M Holdings has completed the acquisition of a 90% stake in Uganda’s Orient Bank in a deal valued at Ksh. 3.6 billion.
The firm, which is also listed in the Nairobi Securities Exchange (NSE) said in a statement that the transaction was completed on April 30 after receipt of the necessary approvals. The approvals were received from the Central Bank of Kenya (CBK), Bank of Uganda, Capital Markets Authority of Kenya and the COMESA Competition Authority.
The bank said the transaction has given it access to additional loans worth Ksh. 7.7 billion, deposits totaling to Ksh. 18.2 billion, 70,000 customers, 14 branches and 22 ATMs.