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Fidelity Bank shareholders approve acquisition by SBM Holdings

Fidelity Bank’s proposed head quarters in Westlands. SBM Group’s banking arm, SBM Bank (Mauritius) Ltd, is a leading bank in Mauritius./CFM

NAIROBI, Kenya, Jan 4 – Mauritius-based SBM Holdings Limited is on course to acquire Kenya’s Fidelity after the Bank’s Board of Directors and shareholders gave the green light for the acquisition.

SBM Holdings is the second-largest company listed at the Mauritius Stock Exchange with operations in banking, asset and wealth management.

A statement by the Central Bank of Kenya confirms the group and Fidelity Bank has been updating the regulators, adding SBM is keen on finalizing the transaction with necessary capital injection at the earliest time possible.

“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,” said CBK.

The takeover will be complete once the SPA is signed, and the regulators in both countries give the go ahead.

SBM Group is pursuing an African expansion strategy, with Kenya as the entry point for Eastern Africa. The group has operations in India, with bank branches in Mumbai, Channai, Hyderabad and Ramachandrapuram.

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