Co-op Bank to borrow Sh10.7bn from IFC
The Co-operative Bank of Kenya is set to receive Sh10.7 billion ($105 million) in long-term financing from the International Finance Corporation for onward lending to small and medium enterprises. IFC, the World Bank’s private lending arm, has disclosed its intention to advance the money to Co-op Bank, setting the lender up for a loan book boost…[…]
Fidelity, Prime banks entangled in Imperial scam
Fidelity Bank and Prime Bank have been entangled in the dispute between troubled Imperial Bank and 20 firms and individuals accused of siphoning Sh34 billion from the troubled lender. Some of the properties whose transfer the High Court has been frozen after Imperial Bank sued the firms and individuals implicated in the mega scandal were used as security to secure loans to the tune of Sh332 million from Fidelity Bank, it has emerged in court…[…]
KAA woos investors with new cargo handling hub at Kisumu Airport
The Kenya Airports Authority (KAA) is seeking savvy investors to use the cargo handling facilities at Kisumu Airport for transporting goods to markets of their choice. The airports authority has urged counties that form the Western Kenya economic bloc to seize the opportunity to effect their plans in the lake region economic blueprint…[…]
Treasury borrowing rates finally ease after trending up for weeks
Interest rates on government paper went down for the first time in weeks, signalling increased liquidity in the money markets and a glimmer of hope for suffering private borrowers. In the latest auction on Wednesday, the 182-day Treasury bill (T-bill) was sold at 21.028 per cent, down 1.283 percentage points compared to last week…[…]
KCB nine months pre-tax profit up 10pc
Joshua Oigara, KCB CEO Kenya’s largest bank by assets, Kenya Commercial Bank (KCB), has posted a 10 per cent growth in pre-tax profit, which it attributed to growth in its loans book and improved earnings from non-funded income in its business across six African countries. The lender yesterday reported a profit before tax of Sh19.4 billion in the nine months ending September 2015…[…]
Vivo Energy upgrades oil storage capacity
A leading oil marketing firm has opened storage tanks with a capacity of 14 million tanks in an effort to reduce ship waiting time at the port of Mombasa due to limited storage space. Vivo Energy officials said oil storage capacity expansion would save the country costly demurrage charges imposed by shipping lines for keeping vessels waiting owing to limited storage capacity…[…]
Supreme Court dismisses banks’ appeal
Banks suffered a major setback in a class-action lawsuit that could see them pay their customers billions in refunds for account charges levied since 1989. Supreme Court Judges Kalpana Rawal, Philip Tunoi, Mohamed Ibrahim, Smokin Wanjala and Njoki Ndung’u on Thursday dismissed a plea by the bankers’ umbrella organisation, which was challenging a case brought against it on behalf of all banks…[…]
Nigeria’s Verve enters Kenya to compete with Visa, MasterCard
Nigerian electronic payment company, Verve, has entered the Kenyan market to provide a local mobile applications payment option. Verve is the first African card that competes with Visa and MasterCard. Already, it has signed deals with Kenya Commercial Bank in Tanzania, Burundi, South Sudan and Uganda to spur the card’s uptake…[…]