Serrari Group

British International Investment (BII) has finalized the sale of its 10.1% stake in I&M Group PLC (I&M) to AfricInvest, a leading Pan-African Asset Management platform. This transaction marks the conclusion of a successful seven-year partnership between BII, the UK’s development finance institution, and I&M, a prominent banking group in Eastern Africa.

Founded in 1974 and listed on the Nairobi Securities Exchange, I&M Group PLC operates across Kenya, Mauritius, Tanzania, Rwanda, and Uganda, providing comprehensive financial services to individuals, MSMEs, and corporates. The sale of BII’s stake comes as I&M celebrates its 50th anniversary, highlighting its longstanding presence and strategic growth in the region.

Maximilian Biswanger, Investment Director at BII, commented on the sale: “Today’s announcement represents a positive outcome of BII’s investment in I&M Group PLC. Over the years, I&M has significantly expanded its role as a key player in East Africa’s financial sector, contributing to sustainable economic development.”

AfricInvest, through its special purpose vehicle East Africa Growth Holding, has acquired BII’s stake, reaffirming its commitment to enhancing I&M’s growth trajectory. Julius Tichelaar, Senior Partner at AfricInvest, emphasized the strategic importance of the acquisition: “We are pleased to extend our partnership with I&M Group PLC, leveraging their strong market presence and AfricInvest’s expertise to drive further innovation and impact in East Africa.”

Under BII’s ownership, I&M Group PLC has achieved substantial milestones, including a nearly threefold increase in its loan book and significant expansion of its customer base. The bank has also been at the forefront of digital transformation in the region, with digital transactions now constituting over 80% of its operations.

Sarit Raja-Shah, Executive Director at I&M Group PLC, expressed optimism about the future under AfricInvest’s ownership: “As we enter the next phase of our strategic journey, we look forward to leveraging AfricInvest’s support to strengthen our sustainability initiatives and expand our market reach across East Africa.”

The completion of the transaction is subject to regulatory approvals and customary closing conditions. BII’s impact investment strategy, focusing on environmental, social, and governance (ESG) factors, has been instrumental in advancing I&M’s sustainability agenda, including initiatives such as green energy lending schemes and enhanced client satisfaction metrics.

AfricInvest’s acquisition of BII’s stake in I&M Group PLC underscores its confidence in East Africa’s financial services sector and its commitment to driving inclusive growth across the region.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

14th June 2024

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