KCB Group Shareholders Approve Proposed Trust Merchant Bank SA (TMB) Acquisition

KCB Group Plc shareholders have approved the proposed acquisition of the DRC-based lender Trust Merchant Bank SA (TMB) during an Extra Ordinary General Meeting held today in Nairobi.  In August 2022, KCB Group Plc entered into a definitive agreement with shareholders of TMB to acquire the Bank. Under the terms of the transaction, KCB will acquire 85% of the shares in TMB while the existing shareholders will continue to hold the balance for a period of not less than 2 years after which KCB will have the right to acquire…

KCB Pumps Kshs. 120 billion to Support Oil Marketing Firms in Petroleum Imports

KCB Bank Kenya has injected over KShs. 120 billion to support Oil Marketing Companies (OMCs) importing fuel as it seeks to consolidate its support to the energy sector.   The Bank has been facilitating oil importation into the country by financing the oil firms under its portfolio that have won business under the Open Tender System (OTS) through the Ministry of Petroleum and Mining.   This gives the OMCs a strongroom to import refined white oils from multinational oil suppliers for distribution across in Kenya and the wider East African…

Bank of Kigali SME customers to get up to USD 4.8 million loans

Bank of Kigali Plc has launched the first of its kind SME Centre in Rwanda’s banking industry targeting small and medium sized enterprises in need of growth and capital expansion. The Rwanda Stock Exchange and Nairobi Securities Exchange listed lender said the SME Centre, located in CHIC Building-2nd Floor, will support SME businesses by offering them a wide variety of products including direct loan facilities, contingent loans and trade finance support such as letters of credit. This specialized centre is part of the bank’s strategy to get closer to SME…

IFC, KCB Partnership to Boost Access to Climate Finance in Kenya

KCB Bank Kenya and IFC have signed a partnership that will help catalyze the growth of climate finance in Kenya by increasing support for businesses addressing climate change.   IFC will extend a $150 million loan to KCB Bank Kenya to fund the growth of the bank’s climate finance portfolio, with a specific focus on financing the development of energy efficiency projects, renewable energy, climate smart projects, and green buildings. Through the partnership, IFC will support the bank to develop a climate finance strategy and build its capacity for climate risk assessment and reporting.   “We continue to play our role in climate mitigation and adaptation in…

BK Group PLC Reports half-year profit of Kshs. 3.3 Billion

    BK Group Plc has reported a 24.5 percent growth in net profit to KES 3.3 billion for the half year ended June 30 2022. This growth has been boosted by improved interest income from customer loans. The Rwanda Stock Exchange and Nairobi Securities Exchange listed financial services group recorded improved performance across all its subsidiaries. Total interest income rose by 8 percent year-on-year to KES 10.8 billion, supported by higher income from loans and advances, which grew by 10.3 percent to KES 118.6 billion. Total Assets increased by…

Family Bank Records A Kes. 2.3 Billion Profit Before Tax In The First Half Of 2022

Family Bank Group has posted a Ksh. 2.3 billion profit before tax in the first six months of 2022. This is a remarkable 37.4 % increase in profit before tax compared to Ksh 1.7 billion registered in the same period in 2021.   The profit growth was driven by 24% growth in net interest income to Ksh. 6.1 billion from Ksh. 4.9 billion. This growth was in line with the loan book growth of 19.3 % closing at Ksh. 75.6 billion up from Ksh. 63.4 billion. Digitization and income diversification…

Bank of Kigali books KES926 million new diaspora customer deposits in four months

  Bank of Kigali has booked KES926 million (Rwf8.1 billion, ($7.9 million) new customer deposits from Rwandans in diaspora within four months. The cash deposits were collected from existing and new customers following a successful marketing campaign that saw 302 new diaspora banking accounts opened. The diaspora banking campaign targeted at Rwandans in diaspora, who were required to deposit KES114,000 (Rwf1 million, $1,000) in either a new diaspora account or in their existing diaspora accounts to stand a chance of winning a round-trip air ticket from anywhere in the world…

KCB in KShs. 13M Loyalty Cash Rewards to Customers

KCB Bank Kenya has unveiled a loyalty rewards campaign that seeks to appreciate its customers, merchants, and agents. Dubbed “Simba Rewards”, the campaign will see customers and partners who perform the highest number and value of transactions through Money Transfers, Vooma and Bank Agents, Card transactions, securing loans, or increased deposits by MSME and Premium customers, get cash rewards throughout the campaign that runs until December 2022. Qualifying transactions include sending money, receiving money from businesses and customers, and transfers from a financial institution to KCB Bank mobile wallets and accounts.…

NBK Secures USD 10 Million Commitment from Impact Investor, WaterEquity, to Extend Credit to the Water, Sanitation & Hygiene (WASH) Sector

National Bank of Kenya (NBK) has today announced its partnership with global asset manager WaterEquity to enhance financing to public and private water utility companies and micro, small, and medium-sized enterprises (MSMEs) boosting the KShs. 5 Billion NBK Majikonnect programme up to an additional USD 10 million. Acting NBK Managing Director Peter Kioko reaffirmed the bank’s commitment to supporting last mile connectivity in the water sector through increased access to financing:  “We are excited to partner with WaterEquity who are intentionally focused on solving the global water crisis. NBK’s collaboration with WaterEquity…

DRC-Based Lender Trust Merchant Bank (TMB) To Be Acquired By KCB Group Plc

KCB Group Plc has entered into a definitive agreement with shareholders of TMB to acquire a majority stake in the Democratic Republic of Congo (DRC)-based lender.   The transaction is expected to close by the end of the third quarter of 2022, subject to regulatory, shareholders and other approvals. This will see KCB acquire 85% of the shares in TMB while the existing shareholders will continue to hold the balance for a period of not less than 2 years after which, KCB will acquire their shares.   KCB will pay…