Kenya’s Fidelity Commercial Bank has received shareholders’ approval for its sale to Mauritian financial services group SBM Holdings.

SBM said that it will infuse KES1.46bn of fresh capital into Fidelity after getting regulatory approvals for the transaction.

The deal, announced last November 2016, is part of SBM’s international expansion strategy and will mark its foray in the banking sector in Kenya.

“The regulators in both Kenya and Mauritius have also been kept abreast of developments. In light of the progress thus far, it is expected that a Share Purchase Agreement (SPA) will be signed in the near future, which would allow requests of the remaining regulatory approvals to be made,” Central Bank of Kenya said.

The transaction would be concluded after receipt of regulatory approvals and signing of the share purchase agreement.

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By GlobalData