Shareholders of financial services firm I&M Holdings Wednesday approved its acquisition of corporate advisory company Burbidge Capital.
I&M Group believes the purchase of a controlling stake in Burbidge will provide a platform for the firm to enhance its corporate finance capacity in the local market.
The owners approved the plans in a unanimous decision passed at the firm’s 64th Annual General Meeting (AGM) held in Nairobi.
I&M Holdings chairperson Daniel Ndonye told the meeting the firm is pursuing several strategic projects geared at placing it at a vantage position to tap growth opportunities.
“Our group strategy is to emerge as a one-stop-centre for all the financial needs of our customers,” said Mr Ndonye.
During the AGM, the shareholders also passed a special resolution allowing for the amendment of the firm’s Articles of Association to allow the proposed entry of CDC Group as a major investor in I&M Holdings.
The entry of CDC Group Plc, the UK government capital financing institution, through a 10.68 per cent equity stake purchase of I&M Holdings is seen as crucial in the funding of small- and medium-sized enterprises (SMEs) in East Africa.
The completion of the transaction is subject to regulatory approvals from authorities in the region and is expected to be concluded in the next couple of months.
Meanwhile, I&M Holdings’ flagship banking subsidiary I&M Bank Kenya announced the appointment of seasoned banker Kihara Maina as the chief executive officer. He has a strategic brief to guide the bank’s growth to tier one status.
Mr Maina takes over from Arun Mathur who retired mid this month after a long career with the bank.