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
The acquisition signals rising confidence in Africa’s digital infrastructure as a viable, long-term ...
The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...
By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...
- Micro, small, and medium enterprises received over half of business loans in WAEMU in 2024 - Bank ...
Government ramps up e-services, digital ID, and payments, but rural gaps remain Highlights: ● Over 900 government services digitized under "Digital...
Foreign rice fills the gap as local harvest falls by 10.7%, says the national statistics agency. Highlights ● Senegal imported 1.38 million tonnes of...
Facing rising jihadist threats and trade uncertainties, the country diversifies its global alliances through new security and economic...
The move aims to help stabilize the economy and allow the country to reclaim control over its production strategy. Highlights: ● Angola launched...
Garamba National Park, located in the northeastern Democratic Republic of Congo, is one of Africa’s oldest and most iconic protected areas. Established in...
Perched in the rugged heights of the Djebel Nefoussa in northwestern Libya, Qasr Al Haji (also spelled Ghasr Al-Hajj) is a striking example of traditional...