I&M acquires Giro Bank

Fast growing I&M Bank is acquiring Giro Bank.

Kenya’s 9th largest bank institution with 2014 assets of Kshs 137 billion ($1.5 billion) is buying Giro, which is the country’s No. 31 bank and has 7 branches (5 in Nairobi).¬†Parent, I&M Holdings is going to merge the banking business of Giro with I&M bank¬†after all regulatory approvals are received

Kenya’s Parliament may have stalled the government’s move to raise the minimum bank capital from Kshs 1 billion to 5 billion (~$55 million), but it’s more likely that the loan to deposit ratio was a pressure point at Giro which had the highest difference last year (the next highest was Dubai bank).