Kenya’s I&M Holdings has agreed to acquire locally-owned Giro Commercial Bank (GCBL) for an undisclosed amount.
Under the terms of the deal, I&M Holdings will acquire all of the issued share capital in GCBL.
Following the takeover, GCBL will be merged under I&M Bank, a subsidiary of I&M Holdings.
The proposed transaction is subject to approval from the central bank, the Capital Markets Authority and the Competition Authority of Kenya, as well as Giro’s shareholders.
GCBL operates with seven branches across Kenya, which includes five in the capital, one in the port city of Mombasa and another in the western city of Kisumu.
Both I&M Holdings and GCBL focus on retail banking as well as lending to small and medium enterprises.