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I&M Holdings, which owns of I&M Bank, yesterday announced that it has concluded acquisition of 100 per cent shareholding of Giro Commercial Bank. The bank said it would now convert Giro Bank branches to I&M Bank outlets. The conclusion of the transaction follows regulatory and shareholder approval.
“The move underscores I&M Group’s expansion strategy, which seeks for opportunities to expand both locally and regionally by way of acquisitions,” I&M Bank’s Executive Director, Mr Sarit Raja Shah, said. He added that the two institutions entered into an agreement in September 2015 for I&M Bank Limited to acquire 100 per cent of the issued share capital in GCBL. The agreement also facilitated for the merger of GCBL’s banking assets and liabilities with that of I&M Bank Limited.
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