Equatorial Fidelity Centre in Nairobi’s upmarket Westlands district. PHOTO | DIANA NGILA
The Competition Authority of Kenya (CAK) has approved the acquisition of Equatorial Commercial Bank (ECB) Centre by Fidelity Shield Insurance Company.
Fidelity Shield will take a 50 per cent stake in the centre, which is the headquarters of ECB. The centre is located in Westlands and has already been renamed Equatorial Fidelity Centre.
Last year, the sale of the centre was claimed to be asset stripping by the ECB ahead of selling a 51-per cent stake to Mwalimu Sacco, one of the largest saccos in the country.
However, the Kenya Union of Savings and Credit Co-operatives (Kuscco) dismissed the concerns saying they were intended to scuttle the deal.
“It is notified for general information that the Competition Authority of Kenya has approved the proposed acquisition,” said a notice signed by CA director-general Wang’ombe Kariuki dated April 7.
The prime office complex is valued at Sh414.5 million.
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