FMO invests in East African banking group
Dutch development finance institution FMO has disclosed a commitment of $10 million in primary equity to I&M Group.
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Dutch development finance institution FMO has disclosed a commitment of $10 million in primary equity to I&M Group. The investment is part of a transaction of about $85 million, led by AfricInvest – a longstanding FMO partner fund.
I&M Group is a multi-country banking group with a legacy of several successful decades in financial services.
The 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.
The equity infusion is intended to support the growth of the group – mainly for portfolio expansion in existing markets, but also for exploring opportunities in new markets in the region.
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