The Competition Authority of Kenya has authorized the proposed merger of Gulf Africa Bank Limited by Soren Investment Company Limited.
In a gazette notice dated Friday, June 20, 2025, the Authority announced that it has allowed the acquisition of Gulf Africa Bank Limited by Dubai-based Soren Investment Company Ltd, which was proposed on May 16, 2025.
“Pursuant to the provisions of section 46 (6) of the Competition Act (Cap. 504) of the laws of Kenya, it is notified for general information that in the exercise of the powers conferred upon the Competition Authority of Kenya by section 46 (6) (a) of the Competition Act, the Competition Authority of Kenya has authorized the implementation of the proposed merger as set out herein,” said the notice.
Gulf Africa Bank Acquired by Dubai-Based Entity
The approval was granted by the Director General of the Competition Authority of Kenya, David Kemei.
Gulf African Bank Ltd is a Kenyan commercial bank established in 2005 and operational since 2008.
Before the acquisition, Gulf African Bank’s shares were privately held, with over 90% owned by institutional investors, including Istithmar PJS (UAE) with a 32% stake and the International Finance Corporation (IFC), which acquired a 16% share in 2012 for US$5 million. Individual investors from the Persian Gulf, Kenya, and the U.S. held the remaining shares.
Also Read: Full List of 17 Licensed Investment Banks Operating in Kenya
Gulf African Bank is Kenya’s premier Islamic bank, offering a comprehensive range of Shariah-compliant banking and financing services.
The bank operates under an Islamic banking regime, which means all its products and services adhere to Islamic law, prohibiting usury and the collection of interest.
The bank provides financing and business development services to support small and medium-sized enterprises and contributes to the growth of the SME sector and the economy.
About Soren Investment Company
The bank provides various services, including personal and business accounts, home finance, trade finance, and investment solutions. It has branches in Nairobi, Mombasa, Lamu, and Malindi.
Soren Investment Company Limited, which has acquired Gulf African Bank, is based in the United Arab Emirates, established on February 27, 2019.
Also Read: List of Foreign Commercial Banks Operating in Kenya
The company primarily focuses on holding and managing investments in agricultural, commercial, and industrial enterprises. Its headquarters are located at the Dubai International Financial Centre.
The approval of the acquisition of Gulf African Bank comes months after the National Bank of Kenya was acquired by Access Bank.
In March 2025, the Central Bank of Kenya (CBK) approved the acquisition of NBK by Access Bank PLC. This followed approval from the Central Bank of Nigeria, with Access Bank injecting Ksh15 billion to strengthen its capital base.
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