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Mauritian bank group SBM Holdings will acquire full ownership of Kenya's Fidelity Bank, a small lender, in a deal valued at 100 shillings ($0.98), SBM said in a filing with the Mauritian bourse on Tuesday.

 

Once the deal gets all the required regulatory approval, SBMH said it would inject 1.45 billion shillings of fresh capital into FCB.

 

"The acquisition is in line with SBMH's regional expansion strategy into East Africa," SBMH said. "The acquisition is in line with SBMH's regional expansion strategy into East Africa," SBMH added.

In a statement, CBK said it has been advised by both SBM Holdings Limited of Mauritius and Fidelity Commercial Bank Limited of SBM Group’s intention to acquire FCB.

 

“The proposed acquisition, which is subject to regulatory approvals in Kenya and Mauritius, will mark the entry of SBM Group into Kenya’s banking sector,” said CBK “We welcome the interest of foreign banks that will contribute to the emergence of a world-class financial sector.”

 

Fidelity, which started operating as a commercial bank 20 years ago, has 14 branches in Kenya and is ranked 31 out of 41 Kenyan lenders by market share, with 0.39 percent, the central bank said.

 

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