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Kenya: I&M Acquires Stake in Mauritius Bank
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The Nation (Nairobi)
4 March 2008
Posted to the web 3 March 2008
Mwaniki Wahome
Nairobi
I&M Bank has acquired 50 per cent shares in First City Bank (FCB) of Mauritius at a cost of $15.5 million (Sh1.1 billion). The deal, concluded last week, leaves the other 50 per cent to CIEL Group of Mauritius.
The acquisition of FCB represents the bank's first investment abroad and is viewed as a launching pad for its regional expansion. FCB is one of the 19 commercial banks in Mauritius licensed to do both on-shore and off-shore banking business.
I&M Bank has assets worth Sh30 billion in Kenya and has 10 branches in Nairobi, Kisumu and Mombasa and over 300 employees.
FCB was primarily owned by the Government of Mauritius and had been scouting for a strategic investor to provide the expertise and technical inputs and improve its competitive edge in that country. I&M Bank executive director, Mr Sarit Shah, said that the bank's first priority would be to reposition FCB through rebranding and revamping of operational and credit procedures to bring them up to I&M Bank standards.
The upgrade would also include introduction of new products and services and refurbishment of branches.
Unlike other banks in Kenya, I&M Bank has started its international operations outside the region with a focus on offering international off-shore banking, wealth management and trade finance services.
Banks in Kenya have been expanding their operations in the region with the growth in regional trade driving the expansion. The joint ownership between I&M and FCB was accepted by the shareholders who expect the two to bring synergy and add significant value to the future growth of the institution with their combined strength.
I&M Bank offers a full range of corporate and retail banking services including Visa international credit and debit cards.
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CIEL group is a well diversified industrial conglomerate in Mauritius and started its activities in the sugar industry on the island in the early part of last century. It has since diversified to power generation, ready made garments, property development, hotels, funds management.
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