NAIROBI, Oct 29 (Reuters) – Kenya’s biggest lender, KCB
Group, expects its international businesses to lift
earnings this year, picking up the slack from lower demand for
loans in Kenya, its chief executive said on Thursday.
Apart from Kenya, KCB, which has assets of 607.3 billion
shillings ($5.96 billion), operates in Uganda, Tanzania, Rwanda,
South Sudan and Burundi.
NAIROBI, Oct 29 (Reuters) – Kenya’s finance minister played
down a recent surge in interest rates, telling lawmakers on
Thursday that steady inflation and other factors were in place
to ensure they came down.
The central bank has tightened monetary policy to support a
weakening shilling, including raising its benchmark lending rate
to 11.50 percent. Yields on 91-day, 182-day and 364-day bills
have climbed above 20 percent in recent weeks.
NAIROBI, Oct 28 (Reuters) – Fraudulent withdrawals and other
illegal transactions at Imperial Bank amounted to more than 34
billion shillings ($335 million) over a period of 13 years, the
bank’s receiver said in a lawsuit filed at court.
Kenya’s central bank ordered privately-owned Imperial Bank
to be put under management this month after the board alerted it
to malpractices at the mid-sized lender.
NAIROBI, Oct 21 (Reuters) – Kenya’s banking regulator missed
possible “malpractices” at Imperial Bank Ltd before it was taken
over by a government agency last week, exposing weaknesses in
the supervision of banks, the central bank governor said on
The central bank appointed the Kenya Deposit Insurance Corp
(KDIC) to manage Imperial Bank, a mid-sized lender, for up to 12
months. It was the second bank taken over since August, when
Dubai Bank Kenya Ltd was put in receivership after liquidity
NAIROBI, Oct 15 (Reuters) – Safaricom dominates
the Kenyan mobile market, sweeping up more than 90 percent of
revenues in areas such as voice calls and text messaging,
according to regulator data that could further fuel a debate
about competition in the industry.
Rivals like Bharti Airtel and some officials have complained
that Safaricom’s dominance stifles competition. France’s Orange
is seeking to sell its Kenya operation, becoming the
second international operator to quit the country after India’s
Essar Telecoms sold its Yu business last year.
NAIROBI, Oct 15 (Reuters) – Kenya has trimmed its 2015
growth forecast to 6 percent from 6.5 percent, the finance
minister said on Thursday, citing deteriorating growth outlook
for economies across the world.
“Sub-Saharan African growth has been scaled down. The global
growth outlook has also been scaled down,” Finance Minister
Henry Rotich told parliament.
NAIROBI, Oct 14 (Reuters) – Kenya’s central bank on
Wednesday said it was ready to provide “adequate liquidity” to
the country’s banking system after a mid-sized lender was put
into receivership a day earlier and hit banking shares on the
A government agency took control of privately-held Imperial
Bank on Tuesday after the central bank said it had become aware
of “unsafe or unsound business conditions”. Another smaller bank
was put in receivership in August after liquidity problems.
NAIROBI, Oct 14 (Reuters) – Kenya’s Java House has 36 coffee
houses and restaurants and plans to open outlets across Africa
in the next five years to capitalise on rising consumer
spending, its chief executive said.
Kevin Ashley, who founded Java’s first outlet in Nairobi in
1999, said the company would open in Kigali, Dar es Salaam,
Lagos, Accra and Lusaka. For now, the firm’s only outlets beyond
Kenya are in Uganda’s capital Kampala.
NAIROBI, Oct 13 (Reuters) – Kenya’s central bank has called
in a government agency to take control of Imperial Bank Ltd
because of “unsafe or unsound business conditions” and the
agency said it would investigate possible “malpractices.”
Imperial Bank is the second bank in Kenya to be put under
management since August, when Dubai Bank Kenya Ltd, a very small
lender, was put in receivership after facing liquidity problems.
NAIROBI (Reuters) – Dow Chemical Co plans to triple its revenue from sub-Saharan Africa in the next five years and is investing in offices, local staff and manufacturing plants on the continent to meet that target, its head of the region said.
The company sees opportunities in agriculture, where it supplies crop protection chemicals, infrastructure, where it offers water treatment chemicals, as well as in mining and manufacturing.