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Browsing: Premier Bank Limited Somalia (PBLS) acquires FCB
- Premier Bank Limited Somalia (PBLS) has completed the acquisition of a 62.5% shareholding of First Community Bank Limited (FCB) effective 27th March 2023
- FCB is classified as a Tier 3 bank in Kenya with 18 branches and a market share of 0.3% as of December 2022
- PBLS is the first bank in Somalia to establish a majority-owned banking subsidiary in Kenya
- CBK said that the acquisition will strengthen the trade and investment ties between Kenya and Somalia
The Central Bank of Kenya (CBK) has announced that Premier Bank Limited Somalia (PBLS) has completed the acquisition of a 62.5% shareholding of First Community Bank Limited (FCB) effective 27th March 2023.
The acquisition comes after receiving regulatory approvals from the CBK and the Cabinet Secretary for the National Treasury.
According to CBK, FCB, which has been in operation since June 2008, is classified as a Tier 3 bank in Kenya with 18 …