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(From The Economic Times)
: State Bank of India (SBI) on Friday said it would acquire a majority stake in Kenyan bank Giro Commercial Bank. Sources said the deal, priced at around $6-8m, would involve buying out the principal shareholders who are of Indian origin.
The country's largest bank informed the BSE that it has signed a share purchase agreement to acquire 76% in Giro Commercial Bank, subject to regulatory approval.
Giro Commercial Bank has an asset base of $60m as on August 30, '05, and is ranked 23 among Kenyan banks in terms of asset size.
SBI said it will get management control through this acquisition. SBI chairman AK Purwar …