Deals
Mauritian Bank Begins East Africa Expansion With Kenya Buy
- SBM in talks with banks in four other African countries
- Chairman says new management to be introduced at Fidelity
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SBM Holdings Ltd., Mauritius’s second-biggest lender, said it’s acquiring Fidelity Commercial Bank Ltd. of Kenya to kick off an expansion in East Africa that will target four more countries.
The bank is buying FCB’s entire share capital for 100 shillings and injecting 1.46 billion shillings ($14.3 million) of new capital, Port Louis-based SBM said in a statement on Tuesday. The Central Bank of Kenya expects the transaction to be concluded by Dec. 31, it said in a separate statement.