DESIGNA MAGAZINE DESIGNA ISSUE III 2019 2 | Page 59

I&M Holdings Limited Completes Acquisition of Giro
Commercial Bank Limited
I&M Holdings Ltd (IMHL) successfully completed its
merger of Giro Commercial Bank Limited (GCBL) into
I&M Bank Limited, which is IMHL's banking �agship
subsidiary. �e merger came to fruition after receiving
necessary regulatory approvals from the Capital Markets
Authority (CMA), Central Bank of Kenya, the Competition
Authority of Kenya as well as IMHL shareholders.
2017
I&M Bank Kenya and German development �nance
institution DEG set up a new unit to provide specialist
banking and advisory services to German businesses looking
for trade in the region. �is is a �rst of its kind partnership
between an African bank and DEG and is second worldwide
after Peru.
EIB extends USD 40 Million �nancin� �acility to
I&M Bank Ltd
Following receipt of all relevant regulatory approvals,
DEG & Proparco on one hand and CDC on the other
successfully entered into a Sale and Purchase Agreement
where CDC acquired their combined shareholding of
approximately 10.68% in I&M Holdings Limited
(IMHL).
�e European Investment Bank (EIB) agrees on a new US $
�0 million �nancing facility with I&M Bank Ltd that will
support investment by businesses across Kenya. Backed by the
EIB facility I&M Bank's SME, Corporate, and Institutional
customers around the country will bene�t from cheaper loans.
Now
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