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I&M values Giro Bank at Sh5 billion in buyout deal

I&M Bank Nyeri branch and a A Giro Bank branch in Nairobi. Giro, ranked 27 out of 43 banks in Kenya, has a 0.49 per cent market share with 9000 customers served through seven branches. FILE PHOTO |

Listed lender I&M Bank has agreed to acquire Giro Commercial Bank in a cash and share sell deal valuing the low tier lender at Sh5 billion.

I&M is asking to pay Sh2.5 billion in cash and offer owners of Giro Bank a minority stake in a Sh2.5 billion share sell deal.

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