I&M ordered to retain Giro Bank staff in merger bid

The competition watchdog has in a rare move ordered listed banking services firm I&M Holdings to retain employees of a small commercial bank it has acquired, as a pre-condition for approval of the takeover.

In a gazette notice dated October 25, 2016, the Competition Authority of Kenya (CAK) said it had given the nod for the takeover subject to retention of the 108 Giro Commercial Bank employees.