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I&M’s planned Sh5b Giro Bank takeover approved

by admin
June 12, 2020
in Headlines, Investing, Markets
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I&M’s planned Sh5b Giro Bank takeover approved
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Listed banking group I&M Holding has been given the final go ahead to complete the Sh5 billion acquisition of Giro Commercial Bank.
In a notice published on Friday’s issue of Kenya Gazette, the Competition Authority of Kenya (CAK) announced the conditional approval of the acquisition deal pegged on the Giro Bank staff welfare.
“CAK has approved the implementation of the proposed acquisition of all the issued share capital in Giro Commercial Bank by I&M Holdings Limited on condition that all the 108 employees at Giro are retained in post merger entity,” said the notice signed by CAK director general Wang’ombe Kariuki.
The deal once complete will open the door for more acquisitions and mergers in banking sector as small banks seek ways of surviving in post interest rates control law that has reduced net interest margins for lenders with small numbers of customers.
 
I&M Holdings will pay Giro Commercial Bank owners a cash consideration of Sh2.5 billion and 5.9 equity stake or (21 million shares) also valued at Sh2.5 billion.
I&M Holdings has total assets valued at Sh190 billion as at June 30, 2015, a customer base of over  150,000  1500 employees.
Giro  Commercial  Bank was  established  following  the  merger  of  Giro  Bank  Limited  and  Commerce Bank  Limited  in  1998.  With  assets valued of  more  than  Sh19 billion  and  over  9,000  customers  Giro  is a specialist banking for businesses.
Giro  reported  after tax  profits  of  Sh452 million last year.
The shareholders of Giro Bank Limited (GIRO) which was launched in 1993 are Laxmi Fibres Limited (16.03 percent), Blanford Investments Limited  (21.76 percent), and Sentinel Investments Limited (16.45 percent).
Others are Sunsheli Limited (16.03 percent), Lombard Holdings Limited (17.52 percent), and Gilt Investments Limited    (12.21 percent)
Tags: competitions authorityGiro commercial bankI&mtake over
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