AfricInvest and Catalyst Principal Partners acquires stake in Prime Bank

  • Written by  Sophie Chapman

Tunisia’s AfricInvest and Kenya’s Catalyst Principal Partners have acquired a minority stake in Prime Bank.

The private equity firms have invested Sh5.1bn (US$50mn) into the second-tier Kenyan lender in order to purchase the shares, Daily Nation reported.

The two firms joined to form a special purpose vehicle dubbed AfricInvest Azure in order to enter the deal.

The deal saw the Tunis-based AfricInvest and Nairobi-based Catalyst Principal Partners acquired a 24.2% stake in the company.

The acquisition has valued Prime Bank at Sh21.1bn (US$206.9mn).

“Prime Bank welcomes this new partnership with AfricInvest and Catalyst, which further strengthens our capital base in order to carry out strategic plans which include … expanding locally and regionally,” Bharat Jani, Managing Director at Prime Bank, revealed in a statement.

East Africa’s banking sector has been subject to moves towards consolidation following the commercial spending rates cape introduced by the government in 2016, Reuters reported.

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