Credit Bank, which is linked to the family of late politician Simeon Nyachae, has been cleared by the banking industry regulator to sell a 20 percent stake to a Mauritius-based private equity fund in the latest deals that have seen politicians and investors cash out of struggling lenders.
The Central Bank of Kenya (CBK) said in a Monday notice that the equity fund, Shorecap III, LP will acquire the stake on June 15, 2023, following the approval of the deal on April 24.
