Business / News
Wednesday, 04 Jan 2017 15:39 EATnewsdesk@kenyafreepress.com
The Central Bank of Kenya has indicated its readiness to support the takeover of the local-owned Fidelity Bank by a Mauritian banking group. The State Bank of Mauritius (SBM Group) last February announced its plans to expand its already burgeoning presence in the East African region by acquiring Fidelity Bank in Kenya as an entry point into the East African Community market.
"In light of the progress thus far, it is expected that a Share Purchase Agreement (SPA) will be signed in the near future, which would allow requests of the remaining regulatory approvals to be made. Subject to these approvals, the transaction will then be completed," said a statement from the Central Bank today.
CBK says the proposed acquisition will mark the entry of SBM Group into Kenya’s banking sector and enable the established group to bring its experience and expertise from Mauritius and other markets, to enhance competitiveness and the resilience of Kenya’s banking sector.