Uganda Securities Exchange (XUGA)
Mwalimu Sacco has converted its deposits into share capital in a bid to stabilise struggling Spire Bank. The national teachers’ Sacco has pumped Sh3.4 billion into the lender that has been operating below Central Bank of Kenya’s minimum cash adequacy ratio for close to 14 months. Spire Bank’s core capital stood at a negative of […]
A potential partnership between Kenya Airways and South African Airways appears to be a done deal. Kenyan President Uhuru Kenyatta announced during an address to the nation on New Year’s Eve that the airlines will combine operations to form a new carrier, Pan-African Airline, with operations expected to begin in 2023. The partnership came about […]
COB: Controller of Budget Margaret Nyakang’o. Image: COURTESY Loss making state owned enterprises could be headed for radical restructuring if the state implements a recommendation by controller of budget Margaret Nyakang’o. The country’s budget boss wants the loss making enterprises, among others restructured – including collapsing and merging some – and having others privatized in […]
Kenya has suspended all flights from Dubai for seven days. This comes after the UAE extended its ban on flights from Kenya after passengers flying from Nairobi were suspected of counterfeiting PCR test results. Kenya Airways and Emirates have suspended flights with immediate effect. Kenya has responded to the UAE with its own flight ban. […]
Equity Bank CEO James Mwangi at Equity Headquarters in Upperhill, Nairobi. [David Gichuru, Standard] Equity Group has entered the life insurance business that is currently 69.9 per cent controlled by six insurers. The financial services firm’s Equity Life Assurance Kenya, which it fully owns through Equity Group Insurance Holdings Ltd yesterday received licence from Insurance […]
Jean Claude Gaga has joined the telecom industry as the Managing Director for Airtel Money. / Photo: Courtesy. Jean Claude Gaga has joined the telecom industry as the Managing Director for Airtel Money. He previously served as the Commercial Director at Equity Bank Rwanda where he oversaw product and service innovation among other tasks. Gaga […]
Post Bank headquarters banking hall. [Wilberforce Okwiri, Standard] Large lenders — including Equity, KCB and Cooperative Bank of Kenya — have borrowed billions of shillings to support small entities in the wake of Covid-19 disruptions . Now, these banks are facing the test of their promise in the new year with Equity having continued with […]
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Qantas will resume its operation in South Africa, with the flight landing to Johannesburg for the first time since early 2020 and the first “rescue flights” to bring Australians back home. On Wednesday, Friday, and Sunday, a Boeing 787 takes over from the now-retired Boeing 747 in the airline’s new Sydney-Johannesburg service. The Dreamliner’s improved […]
Britam Holdings has sold Sh12.2 billion worth of shares in leading Kenyan lender Equity Group to the International Finance Corporation (IFC). The deal, revealed through a regulatory notice by Equity Group Holdings (EGH), now gives the investment arm of the World Bank a 6.7 per cent share of the lender. “EGH was notified that on […]
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