Mauritian lender seeks more buyouts

SBM Holdings is seeking to expand both organically and inorganically. FOTOSEARCH

Mauritius SBM Holdings is seeking to acquire more Kenyan banks to boost its balance sheet and realise its ambitious plan of transforming into a Tier 1 bank in three years.
In May, the state-owned lender acquired loss-making Fidelity Commercial Bank (FCB) and injected $20.2 million into the business.

Its Kenyan subsidiary — SBM Kenya — currently has assets valued at $70 million and deposits totalling $50 million. It has a branch network of 10 — six in Nairobi and four in Mombasa.