FILE | PHOTO Cytonn Investments Chief Executive Officer Edwin Dande At the heart of the contention is the capping of proceeds from the investment firm’s Cytonn High Yield Fund (CHYF) which are largely invested in-house through the Cytonn Asset Managers Limited. Edwin Dande is hoping for a favourable ruling allowing his company Cytonn the leeway […]
KCB Group has made a Sh5 billion capital injection into National Bank of Kenya (NBK), representing the largest such recapitalisation in Kenya’s banking history. The fresh funding for the newly-acquired subsidiary is expected to improve the liquidity of the struggling lender and allow it to mobilise deposits and extend more loans. The money will also […]
A Co-op Bank branch in Nairobi. FILE PHOTO | NMG Co-operative Bank of Kenya has offered an initial Sh1 billion for the purchase of a 90 percent stake in Jamii Bora Bank, according to disclosures by the small lender ahead of its July 1 shareholders meeting that will consider the proposed transaction. Jamii Bora’s current […]
National Bank of Kenya (NBK) branch. FILE PHOTO | NMG National Bank of Kenya (NBK) has been ordered to pay Ecobank over half-a billion shillings for a botched financing deals linked to the supply of digital driving licences. Justice Grace Nzioka ruled that NBK had to pay Sh549.3 million based on an agreement signed three […]
Kenya Meat Commission’s Kibarani factory in Mombasa. The military will takeover the management of the meat processor. [File, Standard] In its 70-year history, Kenya Meat Commission (KMC) has made a profit only once – sometimes in the 1950s. It has collapsed twice. Facing its third collapse in 2009, KMC largely blamed the Ministry of Defence, […]
Nairobi County parking attendants in a file photo from 2019. The Nairobi Metropolitan Services (NMS) will implement a new revenue collection platform in phases to avoid a system crash. NMS Director of Strategic Communications Tony Mbarine said they had focused on first implementing the payment platform for parking services last week before embarking on the […]
NAIROBI, Aug 13 – KCB Group, Kenya’s biggest bank by assets, expects the proportion of loans it will restructure due to effects of the novel coronavirus to hit 25% of its total loans by December, its chief executive officer said on Thursday. The bank said on Wednesday its first-half after-tax profit fell 40% to 7.6 […]
NAIROBI (Reuters) – Co-operative Bank of Kenya will buy 90% of micro lender Jamii Bora Bank and the deal will complete this month, the country’s central bank said on Friday, marking further consolidation in the East African nation’s banking industry. Co-op Bank’s takeover of Jamii Bora was first announced in March and the deal is […]
(Ecofin Agency) – Over the first half of this year, Kenya Commercial Bank set aside KSh11 billion ($101.5 million) as a provision to meet the risks of loan defaults. The amount is 263.8% higher than that of the same period last year. According to the new international standards for the accounting presentation of banks’ financial […]
Investors at the Nairobi Securities Exchange (NSE) will have to wait longer to know the fate of their funds locked in firms suspended from trading. According to the Capital Markets Authority’s (CMA) quarterly report for the three months ending June this year, a total of six companies out of the 64 listed ones remain suspended […]
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