SBM Holdings completes acquisition of Fidelity Commercial Bank Kenya
The Board of Directors of SBM Holdings Ltd (SBM Group) has announced the official takeover of Fidelity Commercial Bank in Kenya through its subsidiary SBM Africa Holdings Ltd.
With this operation, the group strongly reinforces its presence and its regional and international development. In addition, Groupe SBM will continue its dynamic growth in support of a solid and committed expertise in the Mauritian banking sector. A brand and an unprecedented reputation will certainly be essential assets in our development in Kenya.
The acquisition of Fidelity Commercial Bank was a bet for SBM. With this purchase the Group marks its entry into the Kenyan banking landscape as well as on the African continent.
With its increased experience for several years, the SBM will take over the headquarters of the Fidelity Commercial Bank and its 10 branches throughout Kenya. It will bring its expertise to the African market and diversify financial products and services.
The chairman of SBM Holdings Ltd, MKC LI KWONG WING, made a statement: "With the acquisition of Fidelity Commercial Bank, SBM asserts its position as one of the leaders in the banking sector. The expansion of our activities in the Kenyan market is only a beginning in our Group's strategic plan.
We do not intend to stop in such a good way. We have a more in-depth plan for our African development more specifically in the East African region. Expansion, development, diversification and revenue growth in the African market is our goal. The high level of our capital certainly increases our potential to position us among the African banking elite ".
