CIC expands reach with new branch in Kitengela

CIC Insurance has opened a branch in Kitengela, Kajiado County, as it seeks to deepen its national reach. The insurer said the branch would increase its presence as it plans to open more units in Naivasha and Kilifi in the next few months. The insurer follows in the footsteps of financial services firm, Britam, which set up shop in the town in July last year as part of an expansion strategy into the counties [...]

May bond sales set for record low as tight liquidity bites

Bond turnover at the Nairobi Securities Exchange (NSE) has contracted sharply this month as the market reels from tight liquidity in the money market. NSE data for the first three weeks of May shows total bond turnover of Sh12.97 billion. Last week, the bond market was downbeat with the weekly sales at a measly Sh1.44 billion [...]

Jamii Bora shifts focus to SME lending

Jamii Bora Bank says it is shifting focus to small and medium enterprise (SME) lending, marking a major realignment for a bank that started off as a low-end real-estate financier [...]

Kenya Re acquires stakes in Ugandan state-owned underwriter and ATI

Majority State-owned Kenya Reinsurance has acquired stakes in Uganda Re and Africa Trade Insurance (ATI) as it seeks to diversify its revenue streams. Kenya Re acquired five per cent of the two-year-old Uganda Reinsurance Company at Sh20 million. The company has also bought 10 shares in ATI at a cost of Sh88 million making it the third-largest private investor in the company [...]

Stock analysts woo investors with service code

Stock market professionals in East Africa have signed up to put the interest of investors first as trust in financial agents wanes globally. Through the Chartered Financial Analyst Society East Africa (CFA Society EA) that brings together investment professionals, the market players on Monday launched a ‘Statement of Investor Rights’ at the Nairobi Securities Exchange. The document is a declaration of how the professionals will treat investors through the code of conduct [...]

Massmart cuts prices for Garden City Mall opening

South African retailer Massmart, through its subsidiary Game, is offering discounts on select items to woo buyers at its branch set to open at Nairobi’s Garden City Mall on Thursday. Garden City Mall, with residential, retail and office spaces, is set to open its doors to the public on Thursday. The shopping complex, which was built by Actis in partnership with CDC Group (UK’s Development Finance Institution (DFI), is set to give shoppers a taste of global brands [...]

Import costs set to rise as shilling hits new three-year low

The shilling on Monday weakened to a new three-year low against the dollar in what is set to increase the cost of imported goods. Commercial banks on Monday quoted the shilling at 97.90/98.0 to the dollar, which is a new low since November 2011. Weakening of the local currency is expected to push up prices of consumer and capital goods [...]