Khusoko – East African Markets
    Facebook Twitter Instagram
    Khusoko – East African MarketsKhusoko – East African Markets
    • NEWS
    • ECONOMY
      • BANKING & FINANCE
      • COMPANY
      • MARKETS
    • INDUSTRY
      • AGRICULTURE & ENVIRONMENT
      • HEALTH & WELLNESS
      • PROPERTY
        • RETAIL
      • TECHNOLOGY
        • ELECTRONICS
    • ENTREPRENEURSHIP
      • ENTREPRENEURS
      • PEOPLE
      • PERSONAL FINANCE
    • SPORTS
    • COMMENTARY
    • ARTS & CULTURE
      • BOOKS
      • ENTERTAINMENT
      • FAMILY & RELATIONSHIPS
      • FASHION & STYLE
      • FOOD & DRINK
      • TRAVEL & LEISURE
    Khusoko – East African Markets
    BANKING & FINANCE

    AfricInvest and Catalyst Principal Partners acquires 24.2pct stake in Prime Bank

    KhusokoBy Khusoko2019-01-09No Comments2 Mins Read

    Tunisia’s AfricInvest and Kenya’s Catalyst Principal Partners have acquired a 24.2% minority stake in Prime Bank through a capital injection of KSh5.1bn.

    The two firms joined to form a special purpose vehicle dubbed AfricInvest Azure in order to enter the deal.

    The acquisition has valued Prime Bank at KSh21.1bn.

    “Prime Bank welcomes this new partnership with AfricInvest and Catalyst, which further strengthens our capital base in order to carry out strategic plans which include … expanding locally and regionally,” Bharat Jani, Managing Director at Prime Bank, revealed in a statement.

    According to Cytonn Investments, “This will be the first bank acquisition in 2019 and will be in line with our expectation of consolidation in the Kenya banking sector following the enactment of the Banking (Amendment) Act, 2015 and the fact that Kenya is overbanked.”

    “This is a further case of attractiveness in the financial services sector in Kenya with private equity firms looking to increase investments into the sector through acquisitions,” they add.

    Prime Bank is a Tier II bank founded in 1992 has an overall market share of 2.0% according to the Central Bank of Kenya’s Annual Supervisory Report, 2017, and has 1.9% of total deposits in the banking industry.

     ****

    “As at Prime Bank’s last reporting in Q3’2018, the bank had a book value of Kshs 21.2 bn, As such, the transaction is being carried out at a price-to-book value (P/Bv) of 1.0x, which is a 23.6% discount to the market’s current trading valuation of 1.3x P/Bv for listed Kenyan banks.” – Cytonn.

    AfricInvest Catalyst Principal Partners Cytonn Investments Prime Bank
    Khusoko

    Multimedia platform providing analysis of business & financial news in East Africa.

    Related Posts

    How to Choose the Right Forex Trading App for Your Needs

    2023-06-02

    Madaraka Day: Kenya Launches The Hustler Group Loan

    2023-06-01

    CAK Approves Hope Advancement’s 51pct Acquisition of Smep Microfinance Bank

    2023-05-29

    Leave A Reply Cancel Reply

    Our Language is Flirty
    https://www.facebook.com/flirtynailsparlour/
    MORE TOP STORIES
    • Faith Kipyegon Smashes 1500m World Record in Florence in 3:49.11
    • John Ngumi Steps Down From Kenya Airways Board
    • Court Orders Winding Up of Debt Ridden Tuskys Supermarket
    • How to Choose the Right Forex Trading App for Your Needs
    • Xiaomi Moves Up on BCG’s Most Innovative List on Increased Investment
    • Facebook
    • Twitter
    • LinkedIn
    Facebook Twitter LinkedIn
    • ABOUT US – KHUSOKO
    • PRIVACY POLICY
    • KHUSOKO STANDARDS GUIDE
    © 2023 Khusoko. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.