Britam Kenya (IFC-37294)

Regions
  • Africa
Where the impacts of the investment may be experienced.
Countries
  • Kenya
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 21, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
BRITAM HOLDINGS LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 34.89 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 14, 2018

Disclosed by Bank Jan 30, 2017


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Project Description

According to IFC website, the investment consists of an equity investment of up to Kenya Shillings 3,553,375, 000 in newly issued common shares of Britam Holdings Limited to support the company to:

1. develop its local agency network,

2. strengthen the capital base of its core subsidiaries in Kenya and its recently acquired subsidiaries outside of Kenya to meet new regulatory capital requirements

3. support the integration of a new IT platform. Britam is a leading insurance and financial services group in East Africa with headquarters in Kenya and subsidiaries in Uganda, Tanzania, South Sudan, Rwanda, Mozambique and Malawi.

The Company is also the largest shareholder in Housing Finance Group Ltd and one of the largest shareholders of Equity Group Holdings Ltd.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Britam was incorporated in July 1995 as British-American Financial Services Limited while the insurance business has been operating in Kenya since 1965. It subsequently changed its name to Britak Investments Company Limited in September 2003 and following an internal re-organisation, it became the holding company for the various businesses of Britam being insurance, asset management, property and private equity investments. The Company changed its name to British-American Investments Company (Kenya) Limited in May 2006, and listed on the NSE in 2011. The Company subsequently changed its name to Britam Holdings Limited on 5 August 2015.

Contact Information

Project Contact: Dr. Benson Wairegi
Group Managing Director, Britam Centre 
Contact No.: +254 020 2833 000/2710 927
Email Address: info@britam.com
Website: https://www.britam.com/

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/