28.8 C
Kenya
Friday, November 15, 2019
  • NEWS

CBK freezes licensing of new banks

Must Read

Young millionaire who turned down Harvard sponsorship to live his tech dream in Kenya

Young Millionaires in Kenya: Orphaned at 10, Mubarak Muyika has been doing business since his school days at Kamusinga...

State to buyout KQ, delist it from NSE

KQ Buyout: The national government is set to buyout the troubled national carrier Kenya Airways. The government will buy...

Revealed: Kenya pays Uhuru’s mom over Sh. 500,000 monthly salary

Mama Ngina Salary: It has now emerged that taxpayers have been paying mama Ngina Kenyatta a salary of over...
Kenya’s central bank has put a moratorium on the licensing of new commercial banks, the bank said in a notice published in newspapers on Wednesday.
“The Central Bank of Kenya has, with immediate effect, placed a moratorium on the licensing of new commercial banks until further notice,” it said, adding that the moratorium “does not apply to cases relating to resolution amalgamation and acquisition of banks.”
The notice did not give a reason for the moratorium. Last month, the central bank placed privately owned Imperial Bank under receivership after Imperial’s board alerted it to malpractices at the lender. The central bank said later it had unearthed fraud within Imperial Bank, but that the bank was still viable and shareholders were considering a proposal to inject capital.
Last week, it said it was concerned that the shareholders of Imperial Bank were not acting quickly enough to come up with a plan to revive the mid-sized lender.
- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

125,199FansLike
11,142FollowersFollow
7,787FollowersFollow
189SubscribersSubscribe

Latest News

State to buyout KQ, delist it from NSE

KQ Buyout: The national government is set to buyout the troubled national carrier Kenya Airways. The government will buy...

State to buyout KQ, delist it from NSE

KQ Buyout: The national government is set to buyout the troubled national carrier Kenya Airways. The government will buy out Air France-KLM, local banks...

Revealed: Kenya pays Uhuru’s mom over Sh. 500,000 monthly salary

Mama Ngina Salary: It has now emerged that taxpayers have been paying mama Ngina Kenyatta a salary of over Sh. 500,000 every month. According to...

Co-op Bank’s net profit soars to Sh. 11 billion in nine months

Co-op Bank 3rd Quarter Results: The Co-operative Bank Group has posted Sh. 15.45 billion profit before tax for the third quarter of 2019 compared...

From poor Mandera village to multi-millionaire businessman

Somali Millionaires: Growing up in the rough and dry terrains of the remote village of Girissa Rhamu in Mandera County, Saeed Abdirahman’s life appeared...

More Articles Like This

- Advertisement -
%d bloggers like this: