I&M Holdings to buy 65pc stake in advisory firm

Financial services group I&M Holdings said on Friday it plans to buy a stake in corporate advisory firm Burbridge Capital Limited for an undisclosed amount.

I&M Holdings, which has stakes in banks in Kenya, Tanzania, Rwanda and Mauritius, plans to buy 65 percent of the issued share capital of Burbridge, which has offices in Kenya, Uganda and the United Kingdom.

The transaction is subject to approval by the Central Bank of Kenya, the Capital Markets Authority, the Competition Authority of Kenya and shareholders, it said.

I&M Holdings in September said it would buy a locally-owned Giro Commercial Bank for an undisclosed amount. The Kenyan government has tried to encourage mergers in the finance sector by calling for an increase in the minimum core capital for commercial banks. But Parliament rejected that proposal in August, saying it would hurt the banking industry’s growth.