NAIROBI, Kenya, June 12 –UK’s development finance institution, British International Investment (BII), has sold its 10.1 percent stake in I&M Group.
AfricInvest will now be the custodian of the East African Banking Group following the acquisition from BII, which made the investment in 2016.
BII says the commitment made by AfricInvest underscores the confidence of the commercial and impact investment community in the financial services sector in the region.
Its Investment Director, Maximilian Biswanger, exuded confidence that the company is in good hands with its new owner.
“Having been a trusted equity partner to I&M for over 7 years, today’s announcement represents a great outcome to BII’s engagement, as we exit to a like-minded partner with a focus on commercial sustainability and development impact,” he said.
On his part, I&M Group Executive Director Sarit Raja-Shah said that Africinvest’s investment will provide support to build on the gains already made.
“The years since 2016 saw us bolster our position as a leading financial services conglomerate in Eastern Africa with BII’s commercial and technical support and we are positive that Africinvest’s investment will provide the Group the support to build on the progress we made with their predecessor,” he said.
The transaction coincides with the 50th anniversary of I&M Bank, the anchor subsidiary of the group, which was incorporated on May 14, 1974, as a financial services company before earning a commercial banking license in 1980.
The lender currently has a presence in an array of African countries, including Kenya, Mauritius, Tanzania, Rwanda, and Uganda.
