Kenya’s banking industry has recorded yet another significant foreign investment after the Competition Authority of Kenya gave the green light to Soren Investment Company Limited, a Dubai-based firm, to acquire Gulf African Bank Limited.
This approval, which was announced in the Kenya Gazette on Friday, comes under Section 46 of the Competition Act and is seen as a strong endorsement of the deal’s strategic alignment and potential benefits for the country’s financial services sector.
The approved acquisition follows a formal application submitted on May 16, 2025. Market watchers have said that this move is set to reshape Kenya’s Islamic banking landscape, given Gulf African Bank’s established position as the country’s pioneer in Shariah-compliant financial services.
Gulf African Bank began operations in 2008, having been founded in 2005, and has focused on offering interest-free solutions mainly tailored for small and medium-sized enterprises.
The bank’s key institutional investors before the takeover included Istithmar PJS, which held a 32 per cent stake, and the International Finance Corporation, which owned 16 per cent.
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Soren Investment Company, which operates out of the Dubai International Financial Centre, has built its reputation on a diverse portfolio spanning agriculture, commerce, and industry.
By acquiring Gulf African Bank, Soren aims to broaden its presence within East Africa’s dynamic financial landscape and meet growing demand in Kenya for ethical and inclusive banking solutions.
The acquisition, according to sector analysts, reflects increasing interest from Gulf-region investors in Kenya’s banking industry.
Observers have also linked this deal to a wider pattern of activity in the Kenyan banking sector.
Earlier this year, Access Bank Plc completed its takeover of National Bank of Kenya, pointing to sustained cross-border interest in the country’s financial institutions.
Analysts believe these developments enhance Kenya’s standing as a preferred destination for capital investment and innovation in banking.
The Gulf African Bank-Soren Investment transaction has sparked interest among financial experts who see it as part of a larger trend that could drive both competition and inclusivity in the sector.
The shift underscores the confidence foreign investors continue to show in Kenya’s regulatory environment and economic potential.
This latest acquisition highlights the evolving nature of Kenya’s financial services industry and signals fresh opportunities for growth and diversification as regional and international players continue to invest.
