• Money & Markets
Thursday, May 26, 2022
  • Login
No Result
View All Result
NEWSLETTER
Money & Markets
18 °c
Nairobi
18 ° Fri
18 ° Sat
18 ° Sun
18 ° Mon
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
No Result
View All Result
Money & Markets
No Result
View All Result
Home Africa

I&M Bank’s Sh5b acquisition of Giro Bank concluded

by admin
June 12, 2020
in Africa, Economy, Headlines, Investing
0 0
0
I&M Bank’s Sh5b acquisition of Giro Bank concluded
0
SHARES
57
VIEWS
Share on FacebookShare on Twitter

I&M Bank Ltd’s 100 percent acquisition of Giro Commercial Bank Ltd (GCBL) has been actualised. The deal, valued at Sh5 billion, tool effect on February 13, the Central Bank of Kenya said in a statement.

The acquisition follows CBK’s approval on October 27, 2016, for IMHL to acquire 100 percent shareholding of GCBL under Section 13 (4) of the Banking Act, and approval by National Treasury Cabinet Secretary Henry Rotich on January 27 for it to acquire GCBL under Section 9 of the Banking Act.

“Consequently, effective February 13, 2017, GCBL has ceased to be a bank licensed by CBK, and its rights and obligations have been taken up by I&M Bank. All GCBL stakeholders—e.g., depositors, employees, and creditors—continue their relationship with I&M Bank,” the apex bank stated.

The lender had in June last year announced its desire to pay Sh2.5 billion in cash and offer owners of Giro Bank a minority stake in a Sh2.5 billion share sell deal.

The NSE-listed lender offered to create 21,043,330 new shares valued at Sh121.05 each to actualise the deal.

I&M Bank is a wholly owned banking subsidiary of I&M Holdings Ltd (IMHL), a non-operating holding company.

I&M Bank was licensed in 1996, was ranked 9th in terms of market share as at
December 31, 2016, with 35 branches. GCBL was licensed in 1992, and was
ranked 26th in terms of market share as at December 31, 2016, with 7 branches.

Taken together, they had a combined market share of about 5 percent as at
December 31, 2016. IMHL has a banking presence in Kenya, Mauritius, Rwanda, and Tanzania, and is listed at the Nairobi Securities Exchange.

Tags: buyCBKdealGiro BankI&m
admin

admin

Next Post
MPC retains CBR at 10 pc

CBK vetting bank directors afresh to weed out rotten eggs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *




Latest Articles

  • Capital Markets Authority Gives Nod for TransCentury Rights Issue
  • Opportunities to explore in the vast DRC market
  • Region’s top 41 brands crowned in a post pandemic awards gala
  • 34 scholars from the 2021 class of the Equity leaders program secure Admissions to Global Universities
  • People’s charter on jobs in Africa calls for the creation of 15 million jobs annually in Africa
  • Safaricom and Gulf African Bank Launch Shariah Compliant Halal Pesa  
  • USIU-Africa partners with the University of Nevada, Reno to launch Africa’s first behavioral analysis training course
  • Kisumu to Host Fourth Leg of Safaricom Golf Tour
  • Kenya’s new Cyber Shujaa program targets to train 2,000 youth as cybersecurity experts
  • Google partners with KeWoPa to tame online trolls who target female politicians during elections

TOP SEARCHES

acquisition AfDB Airtel Banks brexit BrighterMonday Kenya CBK Central Bank Central Bank of Kenya China COVID-19 dividends energy Equity Bank Equity Group Equity Group Holdings Finserve High Court IFC Imperial Bank Insurance interest rates Jambojet Jumia KCB KDIC KenGen Kenya Kenya Airways KRA M-Pesa MD mKey NSE Patrick Njoroge profit profits Safaricom Safaricom foundation shareholders shares SMEs StarTimes Tanzania Uhuru Kenyatta




  • Money & Markets

© 2020

No Result
View All Result
  • Money & Markets

© 2020

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In