Author: David Indeje

SBM Bank Kenya Ltd is rationalizing its branch network in Nairobi and Mombasa cities. The rationalization will see 5 branches that are co-located or in close proximity closed effective 12 December. “This review is necessary to rationalize our presence in different locations in line with current and potential client activity on one hand, and on the other hand the related services required,” the Bank said in an emailed statement Thursday. Branches to be affected include Ngara Branch, Dagoretti Express, Lunga Lunga Branch, Jomvu Express, and Moi Avenue Branch – Mombasa. However, the closure will not affect the availability of the…

French oil company Total has acquired an entire stake in Tullow Oil Plc for $500 million (KSh54.5 billion) in Uganda. The transaction involves the transfer of Tullow’s entire interests in Blocks 1, 1A, 2, and 3A in Uganda and the proposed East African Crude Oil Pipeline (EACOP) System to Total Uganda. Tullow will receive an additional $75 million (KSh8.2 billion) when a Final Investment Decision (FID) is taken on the development project. “The closing of this transaction follows the satisfaction of all deal conditions, announced on 21 October 2020, which included the execution of the binding Tax Agreement, the approval…

Stabex International (STABEX), an oil marketer and a fast growing petroleum company in Uganda, has invested in an disclosed amount in Liquefied Petroleum Gas (LPG) brand aiming a significant share of the market in Kenya. The company says it will be leveraging on a distribution network of more than 70 retail petrol stations. It is projected that coordinated marketing efforts by Stabex will grow LPG usage resulting in a market expansion of 6% in three years. “LPG usage has an untapped market size of about 83% and 89% in Kenya and Uganda respectively. At Stabex, we see this as a huge…

KCB Group has posted a 43% drop in net profit for the nine months that ended on 30th September 2020 to KSh 10.9 billion attributed to high loan provisions. The latest results are a decline from KSh19.2 billion posted in the same period the year before. https://twitter.com/KCBGroup/status/1326515718960058368?s=20 KCB Group’s loan provisions surged fro. KSh5.8 billion to KSh 20 billion due to the Covid-19 impact. “This has been a challenging period for the business, staff, customers, and the economy. Our focus has been on keeping our staff and customers safe while at the same time giving business support to the communities…

Kenya’s Directorate of Immigration services has scaled down passport applications due to the upsurge of COVID-19 infections in the country. However, only emergency applications will be handled. As a result, it has canceled current appointments for passport application submission as well as biometrics enrolment.  “All passport applicants are required to book new dates for submission. This is effective Monday, November 9th, 2020,” it announced. Applicants with emergency travel needs such as medical, scholarships, or government assignments are advised to contact the Directorate through their hotline 0110 922 065 during official working hours for help. “This is in line with Government…

Bank of Africa (BOA) Kenya has been exempted from a 25 percent shareholding legal provision that caps the ownership of a bank. “Bank of Africa Kenya has received approval from Cabinet Secretary for the National Treasury and Planning to recognize KSh1.5 billion as Tier 1 capital, thereby bringing the shareholding of the bank’s parent company, BOA Group SA, above the statutory threshold of 25 percent for a non-regulated entity,” BOA Kenya said in a statement on Friday. The funds have been held by the bank as a customer deposit since March 2020, as BOA Group sought the exemption of the…