KENYA – British International Investment (BII), the UK’s development finance institution and impact investor, has sold its 10.1% stake in I&M Group PLC, the Eastern African banking group, to AfricInvest.
The acquisition was made through East Africa Growth Holding, a special-purpose vehicle owned by AfricInvest.
I&M Group has a presence in Kenya, Mauritius, Tanzania, Rwanda and Uganda. It offers financial services to individuals, micro, small and medium-sized enterprises (MSMEs), and corporates across the region.
It is listed on the Nairobi Securities Exchange, and its Rwandan subsidiary, I&M Bank Rwanda, is listed on the Rwanda Stock Exchange.
“Having been a trusted equity partner to I&M for over seven years, today’s announcement represents a great outcome to BII’s engagement, as we exit to a like-minded partner with a focus on commercial sustainability and development impact,” Maximilian Biswanger, investment director at BII, said.
“Since our original investment, I&M Group PLC has expanded its role as a true champion to the region’s business community and its aspiring personal banking clients, constituting a major driver for sustainable economic development in the region.”
The transaction coincides with the 50th anniversary of I&M Bank, the anchor subsidiary of the group, which was incorporated on May 14, 1974, as a financial services company before earning a commercial banking license in 1980.
“I&M Group PLC has established a very strong franchise in East Africa and the Indian Ocean over the past five decades, with an excellent reputation, the highest integrity and governance standards, and a track record with quality and consistency in performance and earnings,” Julius Tichelaar, senior partner at AfricInvest, commented.
“AfricInvest is extremely proud and honored to be extending its partnership with I&M Group PLC beyond AfricInvest’s investment in I&M Bank Rwanda.”
In addition, despite notable headwinds, I&M Group PLC increased its lending to SMEs over our investment (supporting the UN’s Sustainable Development Goals (SDG) 9.3 and 8.10).
I&M is also committed to setting an example on the environment (SDG 13) through sustainable solutions for clients and reducing carbon emissions from its operations.
In alignment with its strategy, AfricInvest will continue championing I&M’s sustainability journey, supporting its commitment to creating lasting, sustainable environmental and social value.
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