Diamond Trust Bank Kenya Limited (DTB) will sell its entire 83.67% stake in DTB Burundi.
The Board of Directors of Diamond Trust Bank Kenya Limited confirmed the decision to sell its stake in DTB Burundi through a conditional sale and purchase agreement signed with a consortium of local investors.
DTB, which owns an 83.67% stake in the subsidiary, said the sale follows interest from its minority shareholder to increase ownership.
DTB Group Chief Executive Officer, Nasim Devji, said the sale reflects the bank’s strategy of focusing on its core markets in East Africa.
“DTB Kenya entered Burundi 16 years ago as part of its financial inclusion agenda. We are leaving behind a stable and well-managed financial institution,” Devji said.
She added that the consortium of investors is committed to building on the bank’s governance structures and enhancing financial inclusion in Burundi.
DTB Burundi began operations in 2009 with a single branch in Bujumbura. It has since grown to four branches and is currently ranked among the top ten banks in the country, offering services to retail, business, and corporate clients.
As part of Nairobi Securities Exchange (NSE) compliance, DTB issued a Cautionary Announcement through its Company Secretary, Stephen Kodumbe, advising shareholders and investors to remain cautious until the transaction is completed.
The deal awaits approvals from the Central Bank of Kenya (CBK), the Bank of the Republic of Burundi, the Capital Markets Authority (CMA), and other relevant regulators.
DTB has been operational in East Africa for over 75 years, with 84 branches in Kenya, 36 branches in Uganda, 29 branches in Tanzania 4 branches in Burundi
The bank serves SMEs, agriculture, education, and fintech sectors.
Diamond Trust Bank Kenya reported strong earnings for the year ending December 31, 2024. Net profit after tax: Ksh 7.64 billion (up from Ksh 6.88 billion in 2023). Group net profit: Ksh 5.31 billion. Operating income: Ksh 41.43 billion. Operating expenses: Ksh 30.16 billion.
