Updated Tue, November 22nd 2016 at 10:16 GMT +3Central Bank of Kenya has welcomed the proposed acquisition of Fidelity Commercial Bank by Mauritius based SBM Group expected by end of December. In a statement, the regulator said it has been advised by both SBM Holdings Limited (SBM Group) of Mauritius and Fidelity Commercial Bank Limited (FCBL) of SBM Group’s intention to acquire FCBL. SBM Group’s banking arm, SBM Bank (Mauritius) Ltd., is a leading bank in Mauritius with an international footprint in India, Madagascar, and a representative office in Myanmar. SBM Group is pursuing an international expansion strategy, and for the African region, it is anchored on Kenya as the entry point for Eastern Africa. The transaction is expected to be completed by December 31, 2016, and further updates will be provided as the transaction progresses.

Source: Standard Digital November 22, 2016 09:18 UTC