Jamii Bora Bank Limited (JBBL), a fast growing SME focused bank, has received a Sh600 million equity investment from Chicago based private equity fund Equator Capital Partners LLC, under its ShoreCap II fund.
The investment will see ShoreCapII become a significant shareholder of the bank with a shareholding of over 15 per cent.
“We are excited to have Equator Capital Partners as a strategic partner and significant shareholder of the bank. Their investment is a testament to our sound strategy, stable financial position and commitment to creating tangible impact and enhancing banking value offered to SMEs across Kenya,” said Jamii Bora Chief Executive Officer Sam Kimani.
He added that Equator Capital Partners international background and exposure will be of benefit to JBBL in reinforcing its corporate governance structures while diversifying the shareholders’ mix.
Equator Capital Partners is a private equity fund management which invests in inclusive financial services entities in developing and transitional economies, with the intent of adding development impact for the Funds it manages.
ShoreCap II is Equator Capital Partner’s Sh8 billion international fund incorporated in Mauritius in 2009, focused on investments in small and medium sized financial institutions in Asia and Africa.
“It is a transitional period for the Kenyan banking industry. We believe Jamii Bora Bank’s strategic focus as an SME lender strongly resonates with our investment approach to deliver inclusive financial services that promote sustainable economic, social and environmental development through private sector investments,” said Nathalie Gabala, Director of Africa Investments.
Jamii Bora Bank has grown its total capital consistently over the last five years. Following the equity investment by ShoreCapII, total capital grew to Sh3.7billion, placing the bank among top 20 highly capitalized banks in the country out of a total 43 banks in the Country.
The investment arranged by Equator Capital Partners under ShoreCap II in Jamii Bora Bank marks the fund manager’s tenth investment in Africa, across 15 sub-Saharan African countries over the last 13 years.
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