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SBI buys major stake in Kenyan bank

Special Correspondent

MUMBAI: State Bank of India (SBI) acquired 76 per cent of the paid-up capital along with management control of a Kenyan bank, GIRO Commercial Bank, a closely held entity with promoters of Indian origin. It has six branches.

"With the proposed acquisition, State Bank would increase its footfall in Africa, where we have already present in four other countries.

SBI has developed strong skills in various aspects of banking, which would be of relevance to Kenya," said A. K. Purwar, Chairman, State Bank of India. This will be SBI's second acquisition this year after Indian Ocean International Bank, Mauritius.

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