Stanbic Bank Kenya parent firm- Stanbic Africa Holdings Limited (SAHL) has raised its stake in the Kenyan banking group to 74.92 percent.
SAHL now holds 296.2 million shares in Stanbic Holdings PLC Kenya after the completion of its latest round of share acquisitions from minority shareholders in the open market.
The parent firm has been looking to increase its holdings in the lender over recent years without triggering a takeover (the forceful acquisition of shares from minorities) having applied and obtained an exemption from takeover rules from the the Capital Markets Authority (CMA).
“Standard Bank Group (SBG) regards Kenya as one of its strategic growth markets that will help SBG to fulfil its mission to be the leading financial services organisation, in, for, and across Africa, delivering exceptional client experience and superior value,” noted the parent firm.
“The tender offer process (offer to buy additional shares in the Kenyan unit) was part of SBG’s commitment to focus on growing the business in the African continent and was a demonstration of SBG’s commitment to focus on growing the business in the African continent and was a demonstration of SBG’s long-term confidence in Stanbic Holdings and in the Kenyan banking market and economy generally.”
Standard Bank Group (SBG) owns a 100 per cent stake in SAHL which subsequently now holds a 74.92% of shares in Stanbic Holdings PLC Kenya with the balance of shares held by minority shareholders.
In turn, Stanbic Holdings PLC Kenya holds a 100 per cent stake in Stanbic Bank Kenya, Stanbic Insurance Agency Limited and SBG Securities Limited.