Clifford Chance advises Istithmar World PJSC on sale of stake in Gulf African Bank

Global law firm Clifford Chance has advised Istithmar World PJSC on the sale of its 22% stake in Gulf African Bank, a Kenyan Islamic bank, to Dubai-based Soren Investment Company.

Gulf African Bank, incorporated in 2006 and operational since 2008, was Kenya’s first fully-fledged Sharia-compliant lender. Istithmar World PJSC has been a long-standing institutional shareholder in the bank, holding approximately 22% prior to the transaction and supporting its growth since its early years, alongside IFC and other Gulf-based investors.

Soren Investment Company’s acquisition forms part of a wider stake purchase in Gulf African Bank, with Auron Holdings also acquiring a stake.

The UAE-based Clifford Chance team was led by Deniz Tas, Partner, with support from Tom Lloyd, Counsel, Callum Gribbin, Senior Associate, and Cari Sweeney, Senior Associate.

Press Contact: Lynn Basel