The Competition Authority of Kenya (CAK) has given the green light for the proposed acquisition of control of Gulf African Bank Limited by Dubai’s Soren Investment Company Limited.
The approval, which was granted under Section 46 (6)(a) of the Competition Act (Cap. 504), authorizes the implementation of the transaction as outlined in the submitted merger application. The announcement was made public through a gazette notice dated May 16, 2025, and signed by David Kemei, Director-General of the Competition Authority of Kenya.
Gulf African Bank is a prominent Shari’ah-compliant financial institution operating in Kenya, while Soren Investment Company is a private investment entity whose interests in the financial sector are now set to expand significantly with this deal.
The Competition Authority’s decision indicates that the merger does not raise any significant competition concerns and is therefore not likely to adversely affect market dynamics or consumer welfare in Kenya’s banking sector.
This acquisition is expected to bring strategic capital and operational synergies to Gulf African Bank, strengthening its competitiveness in the financial services space.
More details regarding the terms of the acquisition and post-merger plans are expected to emerge as the transaction progresses.
