The Central Bank of Kenya (CBK) announced that Premier Bank Limited, Somalia (PBLS) has acquired 62.5 per cent of First Community Bank Limited (FCB).
This comes after CBK’s approval on March 13, 2023, under Section 13(4) of the Banking Act, and Cabinet Secretary for the National Treasury and Planning’s permission on March 16, 2023, under Section 9(1) of the Banking Act.
On April 29, 2008, CBK granted FCB a banking license.
The bank has eighteen (18) branches located around the country. The bank specializes in Shariah-compliant financial services for business and retail customers.
It is categorized as a small bank with a market share of 0.3 per cent as of December 31, 2022.
The Central Bank of Somalia approved PBLS in 2014, and it provides a wide range of financial goods and services.
It is a Shariah-compliant commercial bank with 20 branches, 80 ATMs, and over 600 point-of-sale merchants that is privately owned. It is one of the largest banks in Somalia, accounting for 16% of the banking sector’s assets.
The PBLS business model primarily targets retail, small and medium-sized organizations (SMEs), and corporations.
PBLS is Somalia’s first bank to establish a majority-owned banking subsidiary in Kenya. The transaction will improve Kenya-Somalia trade and business links.
CBK supports this deal, which will diversify and enhance Kenya’s banking system.
 announced that Premier Bank Limited, Somalia (PBLS) has acquired 62.5 per cent of First Community Bank Limited (FCB).){kind=link}