NAIROBI, Kenya, OCT 7 – Mauritian lender, SBM Bank Group has refuted claims it plans to leave the Kenyan market through the sale of its local subsidiary SBM Bank (Kenya).
In a statement, the bank reiterated its long-term commitment to the East African unit.
“The SBM Holdings Ltd (“SBMH”), as the ultimate holding company of SBM Bank (Kenya) Limited (“SBMBK”), wishes to reassure its stakeholders in Kenya that it remains committed to the local banking market through its long-term investments in SBMBK,”
“The Board of SBMH reiterates that all legal and banking procedures have been duly respected during the acquisition process of a Kenyan bank in 2017,” SBMH Board said in a statement released to newsrooms.
The announcement comes after it was reported by a local media house that the lender was planning to leave the Kenyan market.
“As the second largest banking and financial services Group listed in Mauritius, the SBMH remains disciplined and close with its regulatory bodies, clients and other stakeholders,”
“As such, the SBMBK reserves its right to explore all legal avenues against any false, unfounded, and malicious allegations concerning the sale or transfer of any of its Kenyan banking operations.”
In 2017, the Mauritian Bank acquired financial hit Chase Bank and Fidelity through a deal with the Central Bank of Kenya.
In December 2021, SBM Bank Kenya reported a profit drop of Sh346.7 million, representing a 46.9 per cent decline.
