Imperial Bank owners and CBK feud over reopening delays

Imperial Bank shareholders have blamed Central Bank of Kenya (CBK) over the delayed reopening of the closed bank, days after the regulator accused them of inaction. The owners also accused KDIC of failing to appoint a team of restructuring experts to develop and implement the revival plan. The central bank had two weeks ago accused the shareholders of not being fully committed to the restructuring process [...]

Agency warns delays in sale of sugar millers to hurt sector

The Privatisation Commission has warned further delays in the sale of State-owned sugar millers will delay reforms in the sector and expose the ailing industry to stiff competition on expiry of regional safeguards in February. Kenya received a one-year extension this year from Comesa restricting the regional importation of sugar at 300,000 tonnes to protect the ailing industry. Governors from the sugar belt have threatened the process by opposing the formula to be used in allocation of shares [...]

Lending lifts NIC Bank’s nine-month profit 7.7pc

NIC Bank posted a 7.7 per cent net profit growth in the nine months ended September, helped by increased lending and a jump in non-interest income. The lender’s net profit in the period stood at Sh3.5 billion reflecting the 14.8 per cent expansion of the loan book to Sh111.1 billion as deposits grew by Sh7.7 billion to Sh105.7 billion. The rise in interest rates from September to above 20 per cent also affected most Kenyan banks that had to raise their deposit rates to attract and retain cash from individuals and institutions [...]

EA Reinsurance gets stable rating

Ratings agency AM Best has given East Africa Reinsurance Company (EA Re) a stable outlook for growth in profit and management of costs. AM Best assigned EA Re’s financial strength B (Fair) rating while the company’s credit outlook got a bb+ score. Both ratings have a stable outlook which is a vote of confidence in the reinsurer’s ability to pay claims [...]

Developer targets low-end market with Sh2.5bn Mlolongo housing project

Real-estate developer Diamond Property Merchants is putting up Sh2.5 billion low-cost residential units in Mlolongo. The project, which is mostly financed by five banks including Family Bank and comprises two-bedroom and bedsitters on a ten-acre plot, will be funded through a mix of debt and internal cash [...]

Kenya's first Reits offer misses target

Kenya’s first Income-Real Estate Investment Trust (Reit) issued by Stanlib Investments has raised under one-third of the targeted Sh12.5 billion in what analysts attributed to competition from other instruments and poor grasp of the concept [...]