Fitch Ratings – London – 06 Jul 2020: Fitch Ratings has revised the Outlook on KCB Bank Kenya Limited’s Long-Term IDR of ‘B+’ and National Long-Term Rating of ‘AA(ken)’ to Negative from Stable. The rating action follows a revision of Kenya’s Outlook to Negative from Stable in June 2020 (see: Fitch Revises Kenya’s Outlook to […]
A customer waits to be served at a Transnational Bank branch in Nairobi. Close associates of former President Daniel Moi have received Sh1.4 billion for selling a majority stake in Transnational Bank to a top Nigerian lender. FILE PHOTO | NMG Close associates of former President Daniel Moi have received Sh1.4 billion for selling a […]
Jamii Bora Bank (JBB) in Kenya is earmarked for a major shift in its operations after selling its KES 224.1 Mn (USD 2.2 Mn) “Class A” shares which is equivalent to 90 percent of its stakes to the Co-operative Bank of Kenya. The 10-year-old lender has been struggling financially since 2018. This is the second […]
Co-operative Bank Group MD and CEO Gideon Muriuki at a past investor briefing event. Co-operative Bank posted a profit of Sh11.4 billion. Jamii Bora Bank investors have unanimously accepted Co-operative Bank’s offer to acquire 90 per cent for Sh1 billion at the lender’s Annual General Meeting held Wednesday. This will be through the subscription of […]
Nairobi Securities Exchange CEO Geoffrey Odundo. PHOTO | SALATON NJAU | NMG The Nairobi Securities Exchange (NSE) Limited revenue from annual listing fees has dipped to a six-year low, highlighting the impact of delistings and suspensions at the bourse. NSE’s latest report shows the annual listing fee in the year ended December dropped by 6.82 […]
For over 30 years, the government has been running around in circles and throwing hundreds of taxpayer millions at this problem without success. All past attempts by the Privatisation Commission to restructure and privatise the bank did not succeed, largely because of resistance by influential individuals who did not want to see their piggy bank […]
State-run TPB Bank continues its meteoric rise in Tanzania’s financial sector. PHOTO | COURTESY via THE CITIZEN The TPB Bank-TIB Corporate deal brings the total of registered commercial banks in Tanzania down to 37, excluding six community banks, two development banks, and five micro-finance banks. The government of Tanzania is seeking to consolidate the country’s […]
State-run TPB Bank this week continued its meteoric rise in Tanzania’s financial sector as it absorbed a third bank in the latest merger within the sector. The TPB union with TIB Corporate Ltd, the commercial banking arm of the TIB Investment Group, is the fourth involving major Tanzanian banking institutions in the past two years, […]
KCB Group chief executive Joshua Oigara. FILE PHOTO | NMG KCB Group #ticker:KCB will this Thursday replace KPMG Kenya with PricewaterhouseCoopers (PwC) as its external auditor, dealing a blow to the consultancy after it lost Absa Kenya job last year. The changes will now hand PwC audit control of Kenya’s top two banks — KCB […]
(Adds details, background, quotes) NAIROBI, May 20 (Reuters) – KCB Group’s first-quarter profit missed expectations due to the impact of coronavirus, Kenya’s biggest lender said on Wednesday, adding that the pandemic was likely to affect its performance for the next two quarters. Profit after tax rose 8% in the first quarter to 6.3 billion Kenyan […]
The value of investments can go down in value as well as up, so you could get back less than you invest. Past performance does not necessarily indicate a financial product’s future performance. This website aims to provide information to help you make your own informed decisions. Our publications, ratings and analysis should be viewed as an additional investment resource, not as your sole source of information. This website does not provide personal advice based on your circumstances. To obtain advice tailored to your situation, please contact a professional financial adviser.