SBM Holdings, which operates the Mauritian SBM Bank, paid only Sh100 to purchase Fidelity Commercial Bank according to regulatory filings it made at the Mauritius Stock Exchange on November 22, 2016. The extent of the turmoil was such that after two teams of transaction advisors (separately hired by SBM and Fidelity Bank shareholders) sat to undertake valuation, they eventually agreed that the bank was worth about a dollar (Sh100). Fidelity Bank in May this year re-branded to SBM Kenya after the conclusion of the buyout. SBM Kenya will in the initial days try and compete for big bank accounts, targeting corporates, medium sized enterprises and high net-worth individuals. Among the recent banks that have been acquired include Fina Bank (acquired by GT Bank), K-Rep now Sidian Bank (Centum), Giro Bank (I&M Bank) and Oriental Commercial Bank (M Bank).

Source: Standard Digital July 11, 2017 05:26 UTC