19.3 C
Kenya
Wednesday, November 13, 2019
  • SME
  • NEWS

Moi family sells TransNational Bank to Nigerian lender

Must Read

Martin Oduor Otieno appointed EABL Chairman

Martin Oduor Otieno EABL: Former Kenya Commercial Bank chief executive officer Martin Oduor Otieno has been appointed as the...

I’d like to remain as Equity CEO until age 75, says James Mwangi

James Mwangi Equity CEO: Equity Bank chief executive officer James Mwangi has said that he is not planning to...

How poverty led Kenyan to hide, fall from KQ’s landing gear in London sky

Plane Stowaway: This feature was first published by Sky News: It was sunny and warm on 30 June as...

TransNational Bank Buyout: Nigerian Tier-1 lender, Access Bank says it is ready to acquire the Transnational Bank of Kenya. CEO of Access Bank Herbert Wigwe, says he anticipates that the deal will be concluded before the end of November. The ownership of Transnational Bank is associated with the family of the former president Daniel Arap Moi.

Moi on life support at Nairobi Hospital ICU

The Competition Authority of Kenya gave Nigeria’s biggest lender the go-ahead to acquire 93.57% of Transnational Bank Ltd., as consolidation in the East African nation’s banking industry gathers pace.

Access Bank Plc’s purchase follows the merger of NIC Group Plc and Commercial Bank of Africa Ltd., and KCB Group Ltd.’s acquisition of National Bank of Kenya Ltd. earlier this year. Access Bank joins other Nigerian lenders Guaranty Trust Bank Ltd. and United Bank of Africa Plc in operating in the Kenyan market.

Maina Kageni: How I inherited dad’s multi-million property aged 21

The deal bodes well for the Central Bank of Kenya’s push for consolidation in an industry of more than 40 lenders and a population of almost 50 million people. Kenya has more banks per person than South Africa and Nigeria, Africa’s two largest economies.

In the past two years, SBM Holdings Ltd. of Mauritius bought up some of the assets of Chase Bank Kenya Ltd. and the entire capital of Fidelity Commercial Bank Ltd.

Transnational, which swung to a full-year pretax loss of 98.5 million shillings ($951,690) in 2018, lends mainly to the agricultural sector, according to its annual report. Non-performing loans ballooned 58% to 1.85 billion shillings, while loans rose 0.5% to 6.63 billion shillings, it said. TransNational Bank Buyout.

- Advertisement -

Leave a Reply

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

124,917FansLike
11,142FollowersFollow
7,814FollowersFollow
189SubscribersSubscribe

Latest News

Martin Oduor Otieno appointed EABL Chairman

Martin Oduor Otieno EABL: Former Kenya Commercial Bank chief executive officer Martin Oduor Otieno has been appointed as the...

I’d like to remain as Equity CEO until age 75, says James Mwangi

James Mwangi Equity CEO: Equity Bank chief executive officer James Mwangi has said that he is not planning to retire anytime soon. The chief...

How poverty led Kenyan to hide, fall from KQ’s landing gear in London sky

Plane Stowaway: This feature was first published by Sky News: It was sunny and warm on 30 June as residents in south London finished...

I don’t know why Kenyans are broke, says Uhuru

Economy Under Uhuru: Kenya is in the red. The economy is doing bad. Debts are piling up. There is no money in the pockets...

Car prices in Kenya jump after Uhuru okays new tax for 1500cc vehicles

Car prices in Kenya: Vehicle prices in Kenya have increased by up to Sh. 1 million following the increase of the Excise Duty and...

More Articles Like This

- Advertisement -
%d bloggers like this: