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SBI to buy 76% in Kenyas Giro Commercial for $8m.
(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 …
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- Mumbai, Oct 7 (PTI) State Bank of India today said it will acquire Giro...
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News wire article from: Asia Africa Intelligence Wire
October 7, 2005
700+ words
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- SBI TO BUY 76% IN KENYAN BANK (Giro Commercial Bank has an asset base of $60...
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- Mumbai, Oct 7 (PTI) State Bank of India (SBI) today said it has executed...
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News wire article from: Asia Africa Intelligence Wire
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700+ words
