Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
DTB sells stake in Burundi subsidiary for Sh1.2bn
Nasim Devji, the Group CEO of Diamond Trust Bank (DTB), speaking during a past event at DTB Sarit Centre Branch at Westlands in Nairobi on December 17, 2022.
DTB Group sold its 83.67 percent in the Burundian subsidiary for Sh1.27 billion as the lender exited Bujumbura after 16 years.
The Nairobi Securities Exchange (NSE)-listed lender disclosed through its latest annual report (2025) that it sold the shares at Sh1.27 billion, making a net gain of Sh592.5 million, based on the initial investment cost of Sh636.9 million in 2008 and the transaction-related expenses of Sh41.44 million.
However, at a group level the deal resulted in a loss of Sh532.61 million largely due to the foreign exchange translation losses related to the assets of the subsidiary, which have accumulated over time (16 years) due to the depreciation of the Burundian franc against the Kenyan shilling.
Banks operating in Burundi face multiple challenges including exchange rate depreciation and heavy reliance on a small group of firms to take loans and provide deposits.
In 2025, DTB Group made a strategic decision to exit the Burundi market by transferring its entire 83.67 percent shareholding in DTB Burundi to a consortium of local investors in Burundi led by the existing minority shareholder. The agreement was finalised on December 31, 2025, marking the exit of the Kenyan lender from the Burundian market.
“The transition ensures continuity in advancing financial inclusion in Burundi, while allowing the new investors to build on an already established platform of good governance and risk management, supported by their deep local expertise,” the lender says.
“Sustainability remains a core pillar of our strategy, and we continue to embed responsible practices across our operations.”
DTB Kenya has not disclosed the minority shareholders, but previous regulatory filings and transactions show Unik Investments S.A led by a Burundian based investor called Shafiq Jiwani is the remaining minority shareholder in the subsidiary.
“The DTB Kenya has reviewed the offer from the consortium and our long standing partner in Burundi and considers that it represents a fair value and return on investments for DTB,” DTB Group CEO Nasim Devji said last year (2025).
Unik Investments held 16.33 percent shareholding during the setup of the operation in 2008, with an associate of the minority investor —Aliya Shafiq Jiwani— serving on the Burundian board of directors.
Other investors who were invited to the greenfield subsidiary in 2008 included Abu Dhabi-based investment entity, AI Bateen Investment Company LLC (16.33 percent) and World Bank’s investment arm International Finance Corporation (IFC) which also took up 16.33 percent stake.
DTB Kenya was the anchor shareholder with a 51 percent shareholding.
However, AI Bateen Investment did not take up its stake, resulting in DTB opening with a 67.34 percent stake in June 2009 then valued at Sh262.9 million. DTB bought out IFC in 2018 for Sh152.2 million when its stake rose to 83.67 percent.
DTB was the first Kenyan bank to enter Burundi where it was joined by KCB Group in 2012. KCB is still in Burundi.
The exit from Burundi leaves DTB with regional presence in Uganda and Tanzania.
It had four branches and 51 employees in Burundi.
DTB Group raised its dividend payout by 28.5 percent to Sh9 per share after posting double-digit earnings growth in the year ended December 2025.
The group paid a dividend of Sh7 per share for the prior year. Its net profit for the review period rose 23 percent to Sh9.4 billion, helped by a sharp fall in interest expenses.
DTB’s new dividend will be paid on June 26 to shareholders who will be on record as of May 22.
