Prime

British firm gets veto power in I&M

I&M Bank building along Kenyatta Avenue, Nairobi. FILE

UK-based CDC Group is set to have veto powers in I&M Holdings after its quest to acquire a 10.68 per cent stake in the Kenyan banking group was approved by the competition regulator.

CDC, a government-owned agency, will have the authority to reject decisions it is opposed to in the bank where it will become the fourth largest shareholder with a minority stake after buying out European funds DEG and Proparco.

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