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.
