The East Africa Growth Holding has been granted an unconditional approval by the Competition Authority of Kenya (CAK) to acquire minority shareholding in I&M Group Plc.
The transaction announced last year involves the Mauritius based company acquiring10.12pc of issued share capital from British International Investment Plc which holds certain rights touching on appointment of directors to the Board, business plans, and significant changes to senior management.
As a result, East Africa Growth Holding will acquire indirect joint control over I&M Group PLC with existing shareholders.
“This approval has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market for commercial banking services, nor elicit negative public interest concerns – the two key considerations during merger analysis,” said CAK in a statement.
I&M Group is a tier one bank registered in Kenya offering financial and bancassurance services in five countries including Kenya, Uganda, Tanzania, Rwanda, and Mauritius.
Nairobi Securities Exchange (NSE) listed bank is currently Kenya’s ninth largest bank controlling 5.15pc of the banking sector market share.
By Ronald Owili