Author: Khusoko

Housing Finance Group appointed Robert Kibaara as its new chief executive on Tuesday. Kibaara’s appointment ends Frank Ireri’s 13 years of being at the position. The former NIC Bank Director for Retail Banking will now provide strategic leadership and oversight of the Group’s turnaround strategy. “He is a seasoned career banker and business executive with an accomplishment in successfully driving change, revenue mobilisation and delivering outstanding business results,” said Steve Mainda, HF Group Chairman. “The appointment of Mr Kibaara marks a critical milestone for the group as it comes at a time when HF has embarked on a new turnaround…

“Depositors who will be claiming their funds for the first time through KCB Bank are required to open an account with any of the KCB Bank branches and shall complete a claim form with the assistance of the bank officials who will forward the same to IBL for processing,” KDIC said in a published notice. https://twitter.com/KDICkenya/status/1074695038142013440 Those who had previously claimed part of their deposits through KCB are only required to counter check their account status with their respective branches. “This is a significant milestone which is yet another convincing marker of Kenya’s financial sector’s ability to offer viable…

Kenya’s listed banks saw their quality of assets deteriorate in the third quarter evidenced by the rising non-performing loans. This was attributed to the rising non-performing loans mainly in the manufacturing, retail and real estate sectors. Cytonn Investments Q3’2018 Banking Sector Report, however, showed that an increased emphasis on operating efficiency by banks seems to be bearing fruit, with the listed banking sector’s operating efficiency improving, supported by revenue expansion as well as cost containment. “The sector’s operational efficiency improved, as shown by the decline in the cost to income ratio to 56.3% from 59.4% in Q3’2017, supported by the…

Longhorn Publishers has appointed Joseph Kirui as its Chief Finance and Operations Officer effective from December 5th bringing over 10 years’ experience to the publishing company. “The board welcomes Mr. Kirui to Longhorn and is looking forward to drawing from his experience and expertise to drive the company forward,” said F.T. Nyammo, the Group Chairman in a statement. Kirui has over 10 year’s experience working with PricewaterhouseCoopers in Kenya and in South Africa helping companies with financial analysis, reporting, auditing and strategic planning. He holds a bachelor of Science Degree in Food Science and Post Harvest Technology from Jomo Kenyatta…

Fuel prices are beginning to relax after the Energy Regulatory Commission (ERC) revised down the cost per litre of petrol and diesel by Ksh 4.57 and KSh0.55 respectively due to lower crude costs in November. “The changes in this month’s prices have been as a consequence of the average landed cost of imported super petrol decreasing by 8.46 percent from $758.34 per in October 2018 to $ 694.18 per ton in November 2018,” ERC director-general Pavel Oimeke said in a statement on Friday. nder the new price review, which took effect December 15, until January 14, a litre of petrol…

South Africa’s  Shoprite (JSE:SHP) opened its doors in the Kenyan market for trading replacing Nakumatt at the Westgate Mall. The 50,000-square-feet flagship store at Westgate is fitted out to the latest specification of Shoprite’s premium ‘Checkers’ brand. Shoprite, which operates more than 2700 stores in 14 countries outside of South Africa, promises a diversified product range and consistent value for shoppers in the Kenyan market. The retailer has entered the country to strengthen its position in East Africa, with Kenya being the region’s strongest economy. Shoprite will open at Garden City in early 2019 and will follow up on other…