3 August 2014

Kenya: Centum Bids to Control K-Rep Bank

Centum will buyout small shareholders in K-Rep Bank to raise its stake in the small-tier lender by 66 per cent in a deal expected to be finalised within four months.

If approved by regulators - Central Bank and Competition Authority of Kenya - the deal will push the NSE-listed investment firm's K-Rep stake to 67.54 per cent.

Centum said the intended acquisition is informed by its strategy to expand presence in the financial services sector.

K-Rep Group will also raise its stake in the bank it first set up as a non-profit organisation in 1984, before changing strategy five years later. It was licensed as a full service commercial bank in 1999.

K-Rep Bank had Sh13.91 billion in assets as at March 31, with 36 branches countrywide.


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