{"id":96619,"date":"2023-06-30T18:42:52","date_gmt":"2023-06-30T18:42:52","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition"},"modified":"2023-06-30T18:53:28","modified_gmt":"2023-06-30T18:53:28","slug":"credit-bank-onboards-mauritius-based-pe-fund-after-acquisition","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition","title":{"rendered":"Credit Bank onboards Mauritius-based PE fund after acquisition"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>SMEs-focused lender\u2013Credit Bank has on-boarded Mauritius-based private equity fund Shorecap III, LP as part of its shareholding structure, after a successful acquisition of a 20 per cent stake.<\/p>\n

Both the Central Bank of Kenya and Competition Authority approved the deal, allowing Shorecap III, LP to acquire 7,289,928 ordinary shares in Credit Bank, on June 15, 2023.<\/p>\n

The bank is linked to the family of the late Simon Nyachae, a Kanu-era powerful minister.<\/p>\n

Credit Bank patron and majority shareholder Grace Nyachae has since termed the partnership a great opportunity to leverage their synergies, to build a dynamic lender and project confidence in the market.<\/p>\n

\u201cWe hope this strategic partnership will deliver the future of Credit Bank to even greater heights and deliver stronger results that will transform our shared future,\u201d she said.<\/p>\n

Credit Bank CEO Betty Korir said that the partnership will strengthen the capital ratios and at the same time, improve the bank\u2019s competitiveness in the market as it shall bolster the bank\u2019s ability to serve its customers better.<\/p>\n

Shorecap III, LP chief investment officer Suleiman Kigundu said: \u201cOver the years, we have come to appreciate that financial inclusion cannot just be about reach. People have to be empowered and included in the financial system in a meaningful way to succeed and very few institutions are really committed to this.\u201d<\/p>\n

He said Credit Bank ticked all the boxes of a partner aligned with the PE fund\u2019s goals.<\/p>\n

Credit Bank board chairman Moses Mwendwa noted that Kenya\u2019s banking sector was very competitive and requires lenders to constantly innovate, adapt and expand to remain relevant in the ever-changing market.<\/p>\n

\u201cWe hope that through our partnership with Shorecap III, we will not only expand our financial muscle to play a bigger role in the industry, but to leverage our synergies to offer our customers optimal service based on a strategy of being digital-first, cost-efficient and product versatility to meet the evolving needs of the market,\u201d Mwendwa said.<\/p>\n

He said going forward, Credit Bank would focus on accelerating the growth of its non-funded business to deliver diversified growth, while prudently growing its balance sheet with high-quality loans that will deliver strong growth this year.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. SMEs-focused lender\u2013Credit Bank has on-boarded Mauritius-based private equity fund Shorecap III, LP as part of its shareholding structure, after a successful acquisition of a 20 per cent stake. Both the Central Bank of Kenya and Competition Authority approved the deal, allowing Shorecap III, LP to acquire 7,289,928 ordinary shares in Credit Bank, […]<\/p>\n","protected":false},"author":84,"featured_media":96617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-96619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nCredit Bank onboards Mauritius-based PE fund after acquisition - kenya<\/title>\n<meta name=\"description\" content=\"SMEs-focused lender\u2013Credit Bank has on-boarded Mauritius-based private equity fund Shorecap III, LP as part of its share ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Bank onboards Mauritius-based PE fund after acquisition\" \/>\n<meta property=\"og:description\" content=\"SMEs-focused lender\u2013Credit Bank has on-boarded Mauritius-based private equity fund Shorecap III, LP as part of its share ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-30T18:42:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-30T18:53:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/06\/sm_1688134911.233389.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"816\" \/>\n\t<meta property=\"og:image:height\" content=\"603\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Credit Bank onboards Mauritius-based PE fund after acquisition\",\"datePublished\":\"2023-06-30T18:42:52+00:00\",\"dateModified\":\"2023-06-30T18:53:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition\"},\"wordCount\":381,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/06\/sm_1688134911.233389.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/credit-bank-onboards-mauritius-based-pe-fund-after-acquisition\",\"name\":\"Credit Bank onboards Mauritius-based PE fund after acquisition - 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