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.
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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.
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