Britam finalises buying Sh2.7bn Equity shares in HF

Britam has completed the Sh2.78 billion acquisition of Equity Bank’s shares in Housing Finance, the financial services group said yesterday in a statement.

The transaction, according to a notice published by Britam, was completed on December 31, saving Equity Bank from having to pay millions of shillings in capital gains tax which became effective on January 1. Equity Bank however billed Britam Sh48.5 million for not meeting the initial transaction deadline of September 30, 2014.