A Mogadishu-based bank will pay Sh2.8 billion for a controlling stake in the First Community Bank (FCB) in a deal designed to shore up the capital levels of the Kenyan lender that are in breach of regulation.
Premier Bank Limited (Somalia), which has been in operation for under 10 years, will be offered new 10.8 million shares in exchange for a 62.5 percent stake, said a transaction advisor who participated in the deal and who spoke to the Business Daily on condition of anonymity.
