Finance

Kenya: Consolidated Bank seeks investor to invest the equivalent of $34.2 million

Monday, 10 December 2018 16:16
Kenya: Consolidated Bank seeks investor to invest the equivalent of $34.2 million

(Ecofin Agency) - Consolidated Bank, Kenyan bank 85.8% owned by the government, announced on December 10, 2018, that it was seeking an investor, local or foreign, to invest Ksh3.5 billion ($34.2 million at the current exchange rate).  

In a release published on local media, the bank invited interested investors to submit offers by January 9, 2019. This announcement is just the continuation of a process initiated on November 30, 2018, when the bank announced that it received the approval of its administrative board to increase its capital via the issuance of new shares.

The operation is important for the bank that sees it as an opportunity to relaunch its credit activities. In Q1, 2018, the volume of credits granted to the economy decreased affecting the companies’ interest income. Its net income resulted in a loss of Ksh138 million.

Idriss Linge



 
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