Britam Kenya issued a statement clarifying on media reports linking Britam to Bramer Bank Corporation and BAI Company (Mtius) Ltd.
In the statement to the press, Britam Kenya acknowledged that there have been enquiries on the relationship between British-American Investments Company (Kenya) Limited (Britam Kenya), Bramer Bank Corporation and BAI Company (Mtius) limited following the action of the Bank of Mauritius to revoke the banking license of Bramer Bank Corporation and the subsequent appointment of PwC by the Financial Services Commission as conservator to protect the interest of policyholders of BAI Company (Mtius) Limited.
British-American Investments Company (Kenya) Limited (Britam) laid out some facts for investors, customers and the general public saying;
- Britam (Kenya) is an independent legal entity separate from Bramer Bank Corporation and BAI Company (Mtius) Ltd (BAI).
- Britam is a diversified financial services group listed in the Nairobi Securities Exchange with over 25,000 shareholders. One of Britam’s shareholders, British-American (Kenya) Holdings Limited that holds 23.34% stake, is related to BAI.
- Bramer Bank Corporation is not a shareholder of Britam (Kenya).
- There are common directorships between Britam, BAI and Bramer Bank Corporation. However, Britam is managed through an independent board of directors and management
Besides that, there is no other relationship between Britam (Kenya) and BAI or Bramer Bank Corporation.
“We wish to reassure our investors, customers and the general public that there is no exposure to Britam in relation to the recent developments in Bramer Bank and BAI in Mauritius.” said Mr. Muthoga Ngera, Director of Marketing & Corporate Affairs at Britam.