A leading Somali bank has acquired a majority stake in one of Kenya’s top banks.
Premier Bank Ltd of Somalia acquired a 62.5 percent stake in the First Community Bank (FCB) of Kenya in a deal announced on Friday.
Adano Wario, the Acting Director-General of the Competition Authority of Kenya, announced the deal.
Premier Bank is a private bank that’s Sharia-compliant.
The Central Bank of Somalia (CBS) licensed Premier Bank in 2014 a year after the bank’s incorporation.