I&M announces proposed share acquisition by UK based CDC Group

I&M Holdings has announced a private share transfer with two of its investors set to exit this year.

UK based finance institution CDC group plans to buy a 10.68 percent stake in the bank currently held by French based Proparco and the German Investment Corporation.

The deal is awaiting regulatory approval from Central Bank of Kenya, the Bank of Tanzania, the Capital Markets Authority and the fair competition commission in Tanzania.

I&M has been on an acquisition spree, with plans to buy Giro Bank and merges the business as well as acquire a 65 percent stake in financial advisory firm Burbidge Capital. I&M announced 24 percent growth in its 2015 profit which stood at Sh10 billion.

I&M has banking operations in Uganda, Rwanda and Tanzania and also runs an insurance business through its subsidiary GA Insurance.

The bank’s share is currently trading at Sh105 on the Nairobi Securities Exchange.

“The shareholders of the company and the public are accordingly advised to exercise due caution when dealing in the shares of the company,” the bank said in a cautionary statement in the dailies.