Somali bank acquires 62.5 pct stake in Kenyan bank

Xinhua
17 Mar 2023, 22:14 GMT+10

NAIROBI, March 17 (Xinhua) -- Somali lender, Premier Bank, has acquired a 62.5 percent stake in Kenya's First Community Bank Limited (FCB), the Central Bank of Kenya (CBK) said on Friday.

The CBK said that Premier Bank is the first Somali bank to establish a majority-owned banking subsidiary in Kenya.

"The acquisition will strengthen the trade and investment ties between Kenya and Somalia," the CBK said in a statement issued in Nairobi, the capital of Kenya.

According to the CBK, Premier Bank's business model mainly focuses on retail, small and medium-sized enterprises (SMEs) and corporates and is among the large banks in Somalia, accounting for 16 percent of the banking sector assets.

"The CBK welcomes this transaction that will diversify and strengthen the resilience of the Kenyan banking sector," it said.

The CBK added that FCB was licensed to operate in Kenya in 2008 and is categorized as a small bank with a market share of 0.3 percent as of Dec. 31, 2022.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kenya Star.

More Information

null in null

Africa

Section

67,000 Seek U.S. Refugee Status Under Trump’s White Minority Plan

67,000 white South Africans favor Trump's plan for refugee status

CAPE TOWN, South Africa: The U.S. Embassy in South Africa said it received a list of over 67,000 people interested in refugee status...

Ben Stokes to miss early County Championship games as he focuses on full recovery for England

London [UK], March 31 (ANI): England Test captain Ben Stokes will sit out the early stages of Durham's County Championship campaign...

UN Security Council condemns attack on peacekeeping mission in Central African Republic

New York [US], March 31 (ANI/ WAM): The United Nations Security Council has strongly condemned the recent attack on the United Nations...

Shammi Silva re-elected as Sri Lanka Cricket President for fourth consecutive term

New Delhi [India] March 31 (ANI): Shammi Silva has been elected as the president of Sri Lanka Cricket (SLC) for a fourth consecutive...

New South African ambassador to US will be fit and proper minister

Pretorias envoy was recently expelled from Washington after being accused of harboring hatred for America Minister of International...

New South African ambassador to US will be 'fit and proper' - minister

Pretoria's envoy was recently expelled from Washington after being accused of harboring hatred for America ...

World

Section