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Browsing: AfricInvest
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- The transaction marks the successful outcome of BII and I&M’s equity partnership for over 7 years as AfricInvest takes over.
- The institution said that the sale to a like-minded investor is one of the most significant transactions in East Africa in recent years and represents a vote of confidence in the region’s financial services sector.
- It is listed on the Nairobi Securities Exchange, and the Rwandan subsidiary I&M Bank Rwanda PLC is listed on the Rwanda Stock Exchange.
British International Investment (‘BII’)
- British International Investment (‘BII’), the UK’s development finance institution and impact investor, has sold its 10.1 per cent stake in I&M Group PLC, the Eastern African banking group, to AfricInvest, a leading Pan-African Asset Management platform.
The acquisition was made through East Africa Growth Holding, a special-purpose vehicle owned by AfricInvest.
- I&M Group PLC is a leading banking group in Eastern Africa with a presence in Kenya,
AfricInvest, a leading pan-African private equity firm, has announced the fourth close of Financial Inclusion Vehicle (FIVE), an evergreen platform for investing in financial institutions in Africa.Through its investments, FIVE aims to improve access to financial services for the growing African population, while achieving attractive financial returns for its investors.
AfDB, the African Development Bank, joined the capital of FIVE alongside existing investors FMO and BIO both development finance institutions of the Netherlands and Belgium, respectively; Norfund, the Norwegian investment fund for developing countries; IFU, the Danish investment fund for developing countries; KfW, the German government-owned development bank and CBK Pension Fund, the pension fund of the Central Bank of Kenya.
As the current level of banking penetration on the continent is a mere 20%, achieving universal access will require a fivefold increase. Digital transformation is one of the key drivers toward the universal access and as such, FIVE seeks …