Kenya Authorizes AfricInvest Azure 25% Acquisition of Prime Bank

The Competition Authority of Kenya approved AfricInvest Azure SPV to acquire a 25 percent shareholding in Prime Bank Ltd., according to a gazette notice.

In July, the closely held Kenyan lender said it would soon complete the sale of shares to unidentified private-equity funds, backed by development finance institutions and other institutional investors. Proceeds from the sale would be used to further strengthen its capital base, fund local and regional growth, offer new products and digitize services.

AfricInvest and Catalyst Principal Partners said Jan. 8 they will hold a “significant minority stake” in Prime Bank through a special purpose vehicle to be known as AfricInvest Azure SPV. Source: Bloomberg