British International Investment (BII) has sold its 10.1% stake in I&M Group, a leading East African banking group, to AfricInvest, a Pan-African investment firm.
I&M Group operates in Kenya, Mauritius, Tanzania, Rwanda, and Uganda. It offers financial services to individuals, small businesses, and corporations.
“Having been a trusted equity partner to I&M for over 7 years, today’s announcement represents a great outcome to BII’s engagement, as we exit to a like-minded partner with a focus on commercial sustainability and development impact,” Maximilian Biswanger, Investment Director at BII, said in a statement.
AfricInvest, already a shareholder in I&M Bank Rwanda, has acquired BII’s stake through a special-purpose vehicle. This move demonstrates AfricInvest’s long-term commitment to the financial services industry in Africa.
AfricInvest plans to leverage I&M’s strong digital presence and innovative approach to expand its reach across the region.
I&M Group PLC Executive Director Sarit Raja-Shah reflected “It is notable that when BII invested in the company, we had just embarked on our iMara Strategy which was to be implemented in three cycles. Now, as we usher in Africinvest we have just initiated the third iteration of that strategy which has sustainability at its centre and pays respect to the economic, social and climatic state of our planet.”
