US based Fund manager Equator Capital Partners LLC has acquired a 15 percent stake in Kenya’s Jamii Bora Bank for approximately Sh 600 Million.
The deal was done through Equator Capital Partners’ Mauritius-based Sh8billion private equity fund, ShoreCap II Limited, which is biased towards SME banks and microfinance institutions. The injection will help the bank prop its thinning capital buffers.
Equator Capital through ShoreCap II will now become the second largest shareholder after Asterisk Holdings Limited which holds 24.11% stake in the Tier three bank.
Commenting on the deal, Jamii Bora CEO Sam Kimani said they were excited to have Equator Capital Partners as a strategic partner and significant shareholder of the bank.