The Competition Authority of Kenya has given its approval to Somalia’s Premier Bank to acquire a 62.5% stake in Kenya’s First Community Bank.
“It is notified for general information that in the exercise of the powers conferred upon the Competition Authority of Kenya…(it) has authorised the implementation of the proposed acquisition of 62.5 per cent stake in First Community Bank Ltd by Premier Bank Ltd (Somalia),” said CAK acting Director General Adano Wario.
First Community started operations in Kenya on June 1, 2008.
Premier Bank is a privately owned Sharia-compliant commercial bank incorporated in Somalia in 2013 and licensed by the Central Bank of Somalia in 2014.
The lender offers retail banking, business, and corporate banking, mobile and internet banking, ATM banking, SWIFT transfers, and international money transfers.
Source: Khusoko