I&M Bank Stake Sold to AfricInvest
In 2016, BII invested in the I&M Bank Group, a leading banking group in East Africa. Today, its 10.1% stake has been acquired by AfricInvest, a major player in African investments. The I&M Bank Group has a presence in Kenya, Mauritius, Tanzania, Rwanda, and Uganda. It is listed on the Nairobi Securities Exchange, and its Rwandan subsidiary, I&M Bank Rwanda PLC, is listed on the Rwanda Stock Exchange.
According to Business Daily, this stake is valued at 6.5 billion shillings, representing a premium compared to the current valuation of 3.43 billion shillings based on the share price on the Nairobi Securities Exchange.
It's worth noting that in 2019, AfricInvest had already acquired a 24.76% stake in I&M Bank Rwanda, aiming to further strengthen the financial services sector in East Africa.