Kenya’s I&M to buy controlling stake in Burbidge Capital

Kenya’s I&M Holdings, which owns I&M Bank, is buying Nairobi-based corporate advisory firm Burbidge Capital to expand its financial services, it said on Wednesday.

I&M, which also has a bank in Rwanda, said its shareholders had backed the decision to acquire a controlling stake in Burbidge in a transaction whose value was not disclosed.

The strategy “is to emerge as a one-stop centre for all the financial needs of our customers,” said Daniel Ndonye, chairman of the group, in a statement.

Burbidge Capital, started by investment banker Edward Burbidge in 2010, focuses on corporate advisory services to firms in East Africa.

Britain’s CDC Group is in the process of acquiring shares in I&M Bank that were previously held by DEG and Proparco.