The Pan-African group signalled an interest in a direct presence in the Zambian market some time ago.
Its acquisition of a minority stake in SBZ was widely anticipated and follows an independent valuation and the go ahead by that countrys competition commission.
Mark Tunmer, group CEO of Imara, commented: We see significant growth potential in the Zambian market and in SBZ we have the ideal partners.
SBZ is a leader in the Zambian market and has a strong local base. We are confident our cultures and processes are compatible as in recent years we have worked closely with SBZ on a number of projects.
We look forward to continued growth and mutual pursuit of emerging opportunities.
It is believed that the transaction gives Imara an option to increase its equity stake in SBZ at a later date.
Charles Mate, CEO of SBZ, noted: We are delighted to welcome new equity partners and believe the transaction establishes a platform for renewed growth.
He said policy reform and economic growth have created numerous opportunities in the Zambian financial service sector. Mate noted that in order to optimise these opportunities, SBZ needed a strong partner with a regional focus as well as international links that would complement our own strengths. Imara Holdings also operate in a number of other regional countries including Zimbabwe.
Post published in: Economy