The Central Bank of Kenya has announced that I&M Bank has completed the 100 percent stake acquisition in Giro Commercial Bank effective February 13, 2017.
Listed I&M Bank is a wholly owned banking subsidiary of I&M Holdings Ltd, a non-operating holding company, authorized by CBK under Section 13(4) of the Banking Act.
This acquisition follows CBK’s approval on October 27, 2016, for IMHL to acquire 100 percent shareholding of Giro Bank and approval by the Cabinet Secretary National Treasury on January 27, 2017.
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.
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.
