The State Bank of Mauritius (SBM) has denied the sale of its Kenyan unit represented by SBM Bank Kenya Limited.
“The SBM Holdings Limited wishes to reassure its stakeholders in Kenya that it remains committed to the local banking market through its long-term investments in SBM Bank Kenya,” the lender stated Friday.
The lender reiterated that it followed the laid-down procedure in the acquisition of Fidelity Bank, a matter now the subject of a court petition.
In 2021, it announced plans to close three branches and two express units as it scaled up its digitisation strategy. In 2020, it closed 5 branches located in Nairobi and Mombasa cities.
SBM has a network of 42 branches across the country.
The bank is owned by SBM Holdings Ltd based in Mauritius (SBM Group-majority owned by the government of Mauritius and associated entities).
It entered the Kenyan market in 2017 through acquisitions of Fidelity and 75 per cent of assets and liabilities in the Chase Bank Limited in Receivership (CBLIR).
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