The Competition Authority of Kenya has approved the proposed acquisition of 20 percent of the share capital of Credit Bank Plc by a private equity company Shorecap III.
Shorecap III, LP, the acquirer, is a private equity firm investing in the financial services sector across Africa with major targets on banking investments, insurance, and other financial services sectors.
According to CAK, the group does not directly or indirectly control any undertaking in Kenya currently.
On the other hand, Credit Bank Plc is a public company incorporated in Kenya as a commercial bank.
With 17 branches, the creditor offers services in personal banking, insurance intermediary services, trade finance, insurance premium financing, SME and corporate banking, loan products, mobile banking, and internet banking.
“The proposed transaction involves the subscription for ordinary shares in the target by the acquirer which, once issued, will comprise 20 percent of the total issued shares of the target. The acquirer will also get certain controlling rights,” CAK said in a statement on Wednesday.
According to the Authority, the combined assets of Credit Bank and Shorecap for the preceding year was over KES1 billion placing them above the threshold for mandatory notification and full merger analysis.
“The merging parties’ activities do not overlap. For purposes of analyzing the transition, the product market was determined as the markets for retail and corporate banking services, and insurance intermediaries. The relevant geographic market was determined as national,” CAK said.
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