, NAIROBI, Kenya Aug 1 – Centum Investment is set to acquire an additional 66 percent shareholding in K-Rep Bank Limited from several existing shareholders to bring its total stake in K-REP to 67.54 percent.
Centum, which has been a minority shareholder in the bank since 2004, stated that the acquisition of the controlling interest in K-Rep is in line with its strategic objective of expanding presence in the financial services sector.
The company intends to effect the acquisition through a non operation holding company as provided for in the Banking Act. The transaction is expected to be completed in the next four months subject to regulatory approvals however, transaction value was not disclosed.
As at March 31st 2014 K-Rep’s total assets stood at Sh14 billion banking about 200,000 retail, small and medium enterprises and micro finance customers through its 36 branches across the country.
The bank generated Sh360 million net profit in 2013 from Sh196 million.
On the other hand, Centum has over Sh30 billion of its own assets under management and over Sh120 billion of third party assets under management as at March 31.
Centum is also set to acquire REA Vipingo Plantations after it became the highest bidder with a Sh75 per share offer price.