Central Bank of India, one of the oldest and largest commercial banks in India has closed down its representative office in Kenya.
The Mumbai based bank says this is a strategic decision taken by the bank to close a number of its foreign representative offices including the one in Kenya.
“The Central Bank of Kenya (CBK) has announced the cancellation of the authority granted to the Central Bank of India (CBI) to operate a Representative Office in Kenya. CBI was licenced to establish a Representative Office in Kenya on February 12, 2013.” said CBK in a statement.
The Government of India owns 79 percent of the bank’s equity while the remaining 21 percent is held between individual and institutional shareholders that include mutual funds and insurance companies. CBI is licensed and supervised by the Reserve Bank of India under the Indian Banking Regulation Act.
