Mauritius firm SBM Group is set to acquire Kenya’s Fidelity Bank by the end of December.
In a statement, Central Bank of Kenya (CBK) said it has been advised by both SBM Holdings Limited (SBM Group) of Mauritius and Fidelity Commercial Bank Limited (FCBL) of SBM Group’s intention to acquire FCBL. “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.
Fidelity Commercial Bank Ltd. (FCBL) commenced operations as a non-bank financial institution in June 1992, and converted into a commercial bank in April 1996. It was ranked 31 of 41 banks in terms of market share as at December 31, 2015, with a share of 0.39 percent and fourteen branches around the country.
SBM Group is the second largest company listed on the Stock Exchange of Mauritius. As at September 30, 2016, it had an asset base of about Ksh.417 billion (US$4.2 billion). SBM Group’s banking arm, SBM Bank (Mauritius) Ltd., is a leading bank in Mauritius with an international footprint in India, Madagascar, and a representative office in Myanmar.
