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Gulf African Bank in Sh674m finance deal with IFC
Gulf African banking hall. The capital injection, by IFC, in the fully-fledged Islamic bank is expected to build the bank’s warchest for expansion. Photo/FILE
The International Finance Corporation (IFC) plans to buy a 16 per cent stake in Gulf African Bank worth Sh422 million ($5 million).
The transaction, which roughly values the bank at Sh2.6 billion, is also set to open a Sh252 million ($3 million) credit line for the Kenyan lender, IFC said in a disclosure statement.
