Mauritian firm set for Kenya entry with Fidelity Bank buy

Mauritian financial services group SBM Holdings is set to acquire Kenyan third tier lender Fidelity Commercial Bank by the end of this year, the Central Bank of Kenya (CBK) has disclosed.

Fidelity has been looking to sell an equity stake to a strategic investor in order to bolster its capital base, and had earlier this year announced it was in talks with British PE firm Duet Group looking to sell a stake in the bank.