The Central Bank of Kenya has confirmed that I&M Bank Ltd. has acquired 100 percent of Giro Commercial Bank Ltd. (GCBL), effective February 13, 2017.
I&M Bank is a wholly owned banking subsidiary of I&M Holdings Ltd. (IMHL) - a non-operating holding company, authorised by CBK under Section 13(4) of the Banking Act.
The acquisition follows CBK’s approval on October 27, 2016.
IMHL will acquire 100 percent shareholding of GCBL under Section 13 (4) of the Banking Act, and approval by the Cabinet Secretary National Treasury Henry Rotich.
The CS approved the acquisition on January 27, 2017 under Section 9 of the Banking Act.
“Consequently, effective February 13, 2017, GCBL has ceased to be a bank licensed by CBK, and its rights and obligations have been taken up by I&M Bank. All GCBL stakeholders—e.g., depositors, employees, and creditors—continue their relationship with I&M Bank,” read a press statement by CBK on Friday.
Photo: nation.co.ke