Premier Bank completed the acquisition of a 62.5% stake in First Community Bank for $21.6m.

Premier Bank, a privately owned Sharia compliant commercial bank incorporated in Somalia, completed the acquisition of a 62.5% stake in First Community Bank, a bank institution providing commercial services in Kenya, for $21.6m. The acquisition is a welcome reprieve that will allow the troubled bank to benefit from Premier Bank’s financial strength and expertise. The acquisition is expected to boost the bank’s capital position and enable it to expand its operations in Kenya and the region.