Kenyan Central Bank Agrees to SBM’s Offer for Chase Bank

Kenyan Central Bank Agrees to SBM’s Offer for Chase Bank

NAIROBI (Capital Markets in Africa) – Kenya’s central bank said it agreed to a deal in which SBM Holdings Ltd., the second-biggest lender in Mauritius, will purchase some assets of distressed Chase Bank Ltd.  The offer will ensure the transfer of 75 percent of the value of deposits that had been locked in receivership and the retention of staff and branches of Chase Bank, which went under in April 2016. The lender has been under the…

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Investor Demand and Business Activity to Increase as Political Stability Returns to Kenya

Investor Demand and Business Activity to Increase as Political Stability Returns to Kenya

NAIROBI, Kenya, December 17, 2017/ — Kenya is emerging from a protracted presidential election process and seeing a return to political stability. Nonetheless, challenges will persist in 2018 for organizations operating in the country and East Africa more widely. High debt levels in Kenya and unpredictable policymaking in Tanzania are among the key risks for businesses operating in the region in the year ahead, says specialist global risk consultancy Control Risks (www.ControlRisks.com) in its annual…

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Moody’s: Challenging operating conditions keeps 2018 outlook for African banks negative

Moody’s: Challenging operating conditions keeps 2018 outlook for African banks negative

LAGOS (Capital Markets in Africa) — Moody’s Investors Service says its negative outlook for the African banking system in 2018 reflects high macroeconomic risks that expose banks to asset quality pressures, reduced government support and sovereign credit risk. Moody’s report, “Banks — Africa, 2018 Outlook”, is available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release. This report does not constitute a rating action. “Although…

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Kenya Opposition Delays Plan to Swear-In Leader as President

Kenya Opposition Delays Plan to Swear-In Leader as President

NAIROBI (Capital Markets in Africa) – Kenya’s main opposition alliance postponed indefinitely plans to swear-in its leader as president of a so-called People’s Assembly, after the government warned such a step would amount to treason. A ceremony that was to be held in the port city of Mombasa Dec. 12 was called off after “extensive internal consultations and engagement with a wide range of national and international interlocutors,” the National Super Alliance said in an…

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Kenyan Agency Mulls $1.46 Billion Bond to Repair Damaged Roads

Kenyan Agency Mulls $1.46 Billion Bond to Repair Damaged Roads

NAIROBI (Capital Markets in Africa) – A Kenyan government agency plans to offer 150 billion shillings ($1.46 billion) of bonds to fund repairs to roads in the East African nation that have suffered from historic neglect. The Kenya Roads Board is seeking approval from the Treasury to begin a July offering of the first tranche of debt that’ll be backed by a tax on fuel imports that provides a steady income, according to Executive Director Jacob Ruwa….

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Kenya Is Said to Seek Proposals for $2 Billion Eurobond Sale

Kenya Is Said to Seek Proposals for $2 Billion Eurobond Sale

  NAIROBI (Capital Markets in Africa) – Kenya’s government is seeking proposals from banks about a possible $2 billion Eurobond offering in the first quarter of 2018, according to two people familiar with the matter. The East African nation’s Treasury asked banks for pitches on how to structure the sale, said the people, who asked not to be identified because they aren’t authorized to speak publicly about the matter. The deadline for proposals is Nov. 29,…

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Kenya’s Biggest Bank Sees Rate Caps Staying Until at Least 2019

Kenya’s Biggest Bank Sees Rate Caps Staying Until at Least 2019

NAIROBI (Capital Markets in Africa) – Kenya’s biggest bank reckons limits on interest-rate charges that have weighed on profit will be around for at least another year. “There are a lot of conversations happening and I have not seen anything today that says that we are ready to move,” KCB Group Ltd. Chief Executive Officer Joshua Oigara said in an interview in the capital, Nairobi, last week. Even the bank’s best-case scenario is that a review process of the…

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