I$M Bank said Tuesday it has concluded an acquisition deal with British firm CDC after fulfilling the necessary conditions. CDC agreed to fully buy out German and French development finance institutions, DEG and Proparco, who hold a combined 10.68 per cent stake setting the stage to become the fourth largest owner of I&M. DEG owned 6.25 per cent of I&M through a nominee account while Proparco held a 4.43 per cent stake in the bank. CDC has had transactions with Kenyan banks in the past, having provided capital to Equity Bank, Co-operative Bank, Jamii Bora Bank and Chase Bank either through debt or equity. Under receivershipDEG is also a shareholder of Chase Bank, which is under receivership, where it holds a 6.6 per cent stake purchased in 2013.

Source: Daily Nation October 04, 2016 07:52 UTC