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I&M Holdings concludes acquisition of Giro Bank
I&M had said the acquisition will result in annual cost savings of approximately Sh60 million in addition to Giro’s estimated annual profit before tax of approximately Sh500 million. FILE PHOTO |
Banking group I&M Holdings has completed the buyout of Giro Commercial Bank after receiving regulatory approvals for a transaction that was first announced in 2015.
The Central Bank of Kenya (CBK) announced the conclusion of the acquisition Friday, adding that Giro has now ceased operating as an independent licensed entity after its integration into I&M Holdings’ local unit I&M Bank.
