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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 - 21:14 - 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 - 20:32 - 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 - 22:58 - 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 - 19:15 - 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 - 21:49 - 0 comments

Kenya's Central Bank Delays Imperial Bank Resolution

Kenya's central bank said on Thursday it would require another three months of investigation to determine the fate of Imperial Bank, which was put into receivership in October, delaying a resolution that had been scheduled for the end of this month, ...

Daily Headline - global.abi.org - 03/31/2016 - 21:53 - 0 comments

Kenya Economy Under Fire From World Bank

Kenya’s economic growth has failed to keep pace with its peers and the country needs to “step up a gear” if it is to achieve its long-term goals, the World Bank has concluded in a major report on east Africa’s largest economy, the Financial Times rep ...

Daily Headline - global.abi.org - 03/08/2016 - 22:23 - 0 comments

Fraud Found At Kenya's Imperial Bank But Still Viable

The receiver for Kenya's privately owned Imperial Bank (IBL) found substantial fraud but the bank is still viable and shareholders are considering a proposal to inject capital, the central bank said on Tuesday. Imperial Bank was put into receivershi ...

Daily Headline - global.abi.org - 10/27/2015 - 20:47 - 0 comments

Kenya Central Bank Will Offer "Adequate Liquidity" After Imperial Bank Case

Kenya's central bank on Wednesday said it was ready to provide "adequate liquidity" to the country's banking system after a mid-sized lender was put into receivership a day earlier and hit banking shares on the stock market, Reuters r ...

Daily Headline - global.abi.org - 10/14/2015 - 21:14 - 0 comments

Uchumi Fires CEO Who Rescued Kenyan Retailer From Bankruptcy

Uchumi Supermarkets Ltd., Kenya’s only publicly traded retailer, fired two top executives amid a forensic audit and announced plans to hire a management consultancy to review its business strategy. The stock slumped. Chief Executive Officer Jonathan Cian ...

Daily Headline - global.abi.org - 06/15/2015 - 21:11 - 0 comments

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