Updated Wed, November 23rd 2016 at 00:00 GMT +3SBM Holding to inject Sh1.46 billion in additional equity once all regulatory approvals are grantedMauritian SBM Holdings will fully acquire Kenya’s Fidelity Commercial Bank (FCB) before end of the year in a deal valued at Sh100. SBM will acquire the entire share capital of FCB for Sh100 and will inject addition equity Sh1.455 billion,” read the message in part. Central Bank of Kenya (CBK) has welcomed the move saying that the interest of foreign banks in Kenya will contribute to the emergence of a world-class financial sector. FCB started operating in Kenya as a non-bank financial institution in June 1992 before converting into a commercial bank in April 1996. SBM Group’s banking arm, SBM Bank (Mauritius) Ltd, is a leading bank in Mauritius with footprints in India, Madagascar, and a representative office in Myanmar.

Source: Standard Digital November 22, 2016 19:38 UTC