- I&M Bank Ltd. has acquired 100% of Giro Commercial Bank Ltd (GCBL)
- GCBL has ceased to be a lender licensed by the Central Bank of Kenya (CBK)
- All GCBL stakeholders, including depositors, employees, and creditors will continue their relationship with I&M
Effective February 13, 2017, GCBL’s rights and obligations have been taken up by I&M. The acquisition follows a CBK approval on October 27, 2016, for IMHL to acquire 100% shareholding of GCBL under Section 13 (4) of the Banking Act, and approval by the Cabinet Secretary National Treasury on January 27, 2017 under Section 9 of the Banking Act.
As of December 2013, Giro Commercial Bank’s total assets were valued at approximately US$157.7 million (Ksh13.6 billion), with shareholders’ equity of approximately US$24.2 million (Ksh2.1 billion). At the time, the bank held US$132.6 million (Ksh11.5 billion), in customer deposits. The bank was ranked number 29 out of 43 licensed banks in Kenya, then. In terms of market share, Giro Commercial Bank was ranked 27 out of 44 banks with a share of 0.49 per cent as at December 2014.
I&M Bank is a wholly owned banking subsidiary of I&M Holdings Ltd. (IMHL) a non-operating holding company, authorized by CBK under Section 13(4) of the Banking Act.
The lender was licensed in 1996, was ranked 9th in terms of market share as at December 31, 2016, with 35 branches. GCBL was licensed in 1992, and was ranked 26th in terms of market share as at December 31, 2016, with 7 branches. Taken together, they had a combined market share of about 5% as at December 31, 2016. IMHL has a banking presence in Kenya, Mauritius, Rwanda, and Tanzania, and is listed at the Nairobi Securities Exchange.
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