Clifford Chance advises Istithmar on GAB stake sale
Clifford Chance has advised Istithmar World on the divestment of its approximately 22% shareholding in Gulf African Bank, a Sharia-compliant lender based in Kenya, to Dubai-based Soren Investment Company.
Deal details
Soren Investment Company’s acquisition forms part of a broader stake purchase in Gulf African Bank, with Auron Holdings also acquiring a separate stake in the transaction.
Istithmar World had been a long-standing institutional shareholder in Gulf African Bank since the bank’s early years, holding the stake alongside IFC and other Gulf-based investors.
Background on Gulf African Bank
Gulf African Bank was incorporated in 2006 and became operational in 2008, establishing itself as Kenya’s first fully Sharia-compliant lender. The bank has grown steadily since its founding, supported by institutional investors from the Gulf region.
Clifford Chance team
The UAE-based Clifford Chance team advising on the transaction was led by Deniz Tas (pictured), partner, supported by Tom Lloyd, counsel, Callum Gribbin, senior associate, and Cari Sweeney, senior associate.
