BII exits East African banking group to AfricInvest
BII exits East African banking group to AfricInvest
British International Investment has sold its 10.1% stake in I&M Group.
British International Investment (BII), the UK’s development finance institution and impact investor, has sold its 10.1% stake in I&M Group PLC, the Eastern African banking group, to AfricInvest. The acquisition was made through East Africa Growth Holding, a special purpose vehicle entirely controlled and formed by AfricInvest.
I&M Group has a presence in Kenya, Mauritius, Tanzania, Rwanda and Uganda. It offers financial services to individuals, micro, small and medium-sized enterprises (MSMEs), and corporates across the region. It is listed on the Nairobi Securities Exchange, with its Rwandan subsidiary, I&M Bank Rwanda, listed on the Rwanda Stock Exchange.
BII made its investment in I&M in 2016.
Maximilian Biswanger, investment director at BII, said: “Having been a trusted equity partner to I&M for over seven years, today’s announcement represents a great outcome to BII’s engagement, as we exit to a like-minded partner with a focus on commercial sustainability and development impact. Since our original investment, I&M Group PLC has expanded its role as a true champion to the region’s business community and its aspiring personal banking clients, constituting a major driver for sustainable economic development in the region.”
Julius Tichelaar, senior partner at AfricInvest, commented, “I&M Group PLC has established a very strong franchise in East Africa and the Indian Ocean over the past five decades, with an excellent reputation, the highest integrity and governance standards, and a track record with quality and consistency in performance and earnings. AfricInvest is extremely proud and honoured to be extending its partnership with I&M Group PLC beyond AfricInvest’s investment in I&M Bank Rwanda.”
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