Kenya

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Kenya Central Bank to Extend Receivership of Imperial Bank, Licenses New Bank

Kenya's central bank said on Friday it planned to extend the receivership of Imperial Bank by a year to help finalise a deal with a strategic investor to take a stake in the bank, Reuters reported. The regulator also said it had granted a licence to ...

Daily Headline - global.abi.org - 06/25/2017 - 21:59 - 0 comments

Kenya Airways Debt Swap May Give State a Controlling Stake

Kenya’s government agreed to swap loans it provided to Kenya Airways Ltd. for equity, a conversion that may give the state a controlling stake in the national carrier, Treasury Secretary Henry Rotich said. The government will also guarantee 77 billion sh ...

Daily Headline - global.abi.org - 06/06/2017 - 23:25 - 0 comments

Kenya Airways to Unveil Big Capital Restructuring

Kenya Airways expects to unveil a big capital restructuring in the next two months as part of its turnround strategy after returning to operational profitability following four years of losses, the Financial Times reported. Mbuvi Ngunze, who steps do ...

Daily Headline - global.abi.org - 05/25/2017 - 17:35 - 0 comments

Kenya Airways Near Completing Capital Restructuring

Kenya Airways is about to conclude its capital restructuring, its chairman said on Wednesday, edging closer to putting past financial woes behind it, the carrier's chairman said, Reuters reported. The airline, part-owned by the state and AirFrance K ...

Daily Headline - global.abi.org - 05/10/2017 - 20:05 - 0 comments

Bad Loans, Rate Cap Cuts Barclays Bank of Kenya's 2016 Profit

Barclays Bank of Kenya will focus on growing its non-interest income after a jump in bad debts and a government cap on lending rates cut its 2016 pretax profit by 10 percent, it said on Wednesday. The cap on lending rates, introduced last September, was ...

Daily Headline - global.abi.org - 02/22/2017 - 22:48 - 0 comments

Kenya Airways To Focus On Restructuring Its Financing

Kenya Airways needs to extend debt repayments and make other changes to restructure its balance sheet, which would take priority over finding a strategic partner, the new chairman of the loss-making airline told Reuters. Shares in the carrier, 27 percent ...

Daily Headline - global.abi.org - 10/26/2016 - 22:14 - 0 comments

CBK Extends Imperial Bank Receivership By Six Months

The Central Bank of Kenya (CBK) has extended the appointment of Kenya Deposit Insurance Corporation as receiver of the bank for a further six months. The regulator says the move follows a request by KDIC for an extension as the 12 months’ receivership te ...

Daily Headline - global.abi.org - 10/04/2016 - 21:32 - 0 comments

Kenya’s Chase Bank Removed From Receivership

Chase Bank has received Central Bank of Kenya’s (CBK) approval to start taking fixed deposits and resume lending, CAJ News reported. The move marks a major milestone in the turnaround efforts of the bank signaling that most of the major issues under reso ...

Daily Headline - global.abi.org - 08/17/2016 - 23:58 - 0 comments

Kenya's NIC Bank Appointed To Assess Assets Of Closed Imperial Bank

with deposits of up to 1 million shillings ($9,886.31) would receive funds in full, while those with ...

Daily Headline - global.abi.org - 06/21/2016 - 20:15 - 0 comments

Uchumi Faces Insolvency as Pressure From Creditors and Suppliers Mounts

Kenya's Uchumi Supermarkets Ltd is on the verge of insolvency as efforts to negotiate a cash injection hit a snag in the first quarter of 2016. Its debt to suppliers has skyrocketed to Ksh3.6 billion ($36 million), double the Ksh1.8 billion ($18 mil ...

Daily Headline - global.abi.org - 04/04/2016 - 22:49 - 0 comments

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