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Successful sale of shares in Kenyan bank

Norfund has sold its shares in the Kenyan bank Family Bank with good returns.

Norfund invested about NOK 18 million in the Kenyan bank in 2010, taking a stake of 5.6 % in the company. The bank has grown substantially since 2010, and is now the 15th largest bank in the country. New investors were interested in taking part in the positive development, and Norfund chose to sell the shares. The sale gives Norfund around NOK 30 million, resulting in an annual return of over 30 %.