I&M Bank Ltd
ANNOUNCEMENT
The Directors of I&M Bank Limited (I&M Bank) wish to inform its shareholders,
customers and the public of negotiations relating to a potential transaction between
City Trust Limited (City Trust) and I&M Bank Limited.
The current status of the transaction is as follows:
• Negotiations on the principal terms of the transaction between the parties have
been concluded, whereby the shareholders in I&M Bank will exchange their
shares in I&M Bank for shares in City Trust.
• I&M Bank and City Trust have obtained all necessary regulatory approvals and
exemptions, in particular:
i) Applicable exemptions from the Central Bank of Kenya, to be gazetted
following shareholder approvals;
ii) Applicable approvals from the Capital Markets Authority;
iii) Applicable approval of the Competition Authority of Kenya.
• Completion of the transaction is subject to receiving the approval of the
shareholders of I&M Bank and the shareholders of City Trust.
On completion of the transaction, City Trust will become the holding company of
I&M Bank. There will be no change in the operations of I&M Bank Limited and will
continue with its banking business.
All documentation pertaining to the proposed Offer will be sent to the individual
shareholders, following the approval of the transaction by City Trust’s shareholders
at an Extraordinary General Meeting.
By order of the Board
Nairobi
24th December 2012
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