Dubai-based Soren Investment Company has officially emerged as the controlling shareholder of Gulf African Bank (GAB). The move follows a landmark deal that sees a consortium of investors acquire a combined 57.72% stake in the lender, signaling a new chapter of growth and strategic realignment for the 15-year-old institution.
The acquisition was executed through a dual-pronged investment strategy involving Soren Investment Company (UAE) and Auron Holdings (Kenya).
According to official filings, Soren Investment has acquired a 42.78% stake, primarily buying out shares previously held by Al Salam Bank and Istithmar World Limited. Simultaneously, Nairobi-incorporated Auron Holdings has taken a 14.94% stake, acquiring shares from the International Finance Corporation (IFC).
The exit of long-standing institutional investors like the IFC and Al Salam Bank, —which recently sold its 20.94% stake as part of a group-wide optimization strategy.
The acquisition comes after the Competition Authority of Kenya (CAK) granted the green light for the transaction earlier in 2025. At the time of the proposal, GAB’s total assets were reported at approximately $347.3 million (Ksh. 44.8 billion).
Founded in 2005 and operational since 2008, Gulf African Bank was the first fully-fledged Islamic bank in Kenya. Over the last decade and a half, it has built a robust reputation for ethical banking, catering to both Muslim and non-Muslim clients through its 100% Shari’ah-compliant products.
With Soren at the wheel, industry analysts expect the bank to:
- Expand Trade Finance: Utilizing Soren’s UAE connections to facilitate better trade corridors between the Gulf and East Africa.
- Digital Transformation: Integrating modern fintech solutions to compete with conventional tier-one lenders in Kenya.
- Regional Synergy: Tapping into Soren’s existing footprint in Sudan and Tanzania to offer cross-border Islamic banking services.