CBK Floats KSh 40 Billion Bond for Budget Support
The Central Bank of Kenya has re-opened bids for a five-year and a 10 year Treasury Bond worth KSh 40 Billion, proceeds that will be used for budgetary support. The [...]
NCBA to Close 14 Branches
NCBA has announced that it will close 14 branches following approvals from the Central Bank of Kenya. However, seven of the affected had been temporarily closed since April 1st, 2020, [...]
Uganda's NC, CBA Merger to Create KSh 15.5 Billion Bank
NC Bank Uganda Limited (NC Bank) and Commercial Bank of Africa Uganda have been given the greenlight to merge their businesses by the Bank of Uganda. The merger will create [...]Post Bank Kenya Names New MD
The board of Post Bank has appointed Raphael Lekolool as managing director effective June 1, 2020. Mr. Lekolool takeover from Ms. Anne Karanja who completed her six-year tenure. Mr. Lekolool [...]A Proposed Merger of 3 State Corporations
The National Treasury is inviting parties to comment on the draft bill to form Kenya Development Bank. The bill seeks to merge three parastatals to form a state bank that [...]
Another Blow to KPMG as it Loses KCB Audit Job
PriceWaterhouse Coopers are set to be the new external auditors of Kenya Commercial Bank (KCB) Group, replacing audit firm KPMG East Africa whose contract has expired. This item of appointing [...]Access Bank Injects $9 Million in Rwandan Subsidiary
Nigerian Access Bank has injected $9.3 million in its Rwandan subsidiary as it seeks to establish its dominance in the African Market. Its total capital investment in the subsidiary now [...]SBM Bank Kenya Q1 2020 Net Profit Drops to KSh 63.6 Million
SBM Bank Kenya, a subsidiary of SBM Holdings Limited-based in Mauritius, saw its net earnings drop significantly in the first three months of this year to KSh 63.6 Million. This [...]Most Small firms Have No Cash beyond June, Warns CBK Governor
The Central Bank of Kenya (CBK) has warned that three-quarters of small and medium-sized enterprises(SMEs) have no cash to run beyond June. This dire situation implies that these SMEs will [...]StanChart 2020 Q1 Net Profit Dropped 17% to KSh 2 Billion
Net profit of Standard Chartered Bank Kenya Limited declined to KSh 2 billion in the first quarter of 2020 from KSh 2.4 billion booked in the first quarter of 2019. [...]Equity Group Q 1 Net Earnings drop 14% to KSh 5.3 Billion
During the first three months of 2020, Equity Group saw its net earnings drop by 14% to KSh 5.43 Billion against a similar reporting period last year when the lender [...]AfDB to Probe President Adesina After US Pressure
African lender AfDB has agreed to launch a probe against its President Akinwumi Adesina after mounting pressure from the US Treasury, its second-largest shareholder after Nigeria. The examination follows pressure [...]
