Radisson Blu closes one of its hotels in Kenya as bookings remain low

KENYA – Global hotel brand Radisson Hotels has halted operations in their Nairobi’s Upper Hill unit and sent most of its staff home as bookings remain subdued due to Covid-19 pandemic. The closure comes at a time the Central Bank of Kenya (CBK) survey on hotels iin Kenya showed that bed occupancy remains low, averaging 23 percent in November and October, compared to 24 percent in September. A Radisson Blu Hotel spokesman confirmed the development to the Business Daily, saying the decision to send employees home was aimed at mitigating the economic…

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Kenya’s Cooperative Bank in talks to acquire Jamii Bora Bank

KENYA – The Co-operative Bank of Kenya is set to acquire 100 per cent shareholding in Jamii Bora Bank, bolstering the listed lender’s asset base and deepening the acquisitions in Kenya’s banking sector This will see the tier-one lender strengthen its asset base to over KSh462 billion (US$4.62bn). The transaction is subject to the successful completion of due diligence by the relevant professional bodies, approval by the Board of Directors and Shareholders of both Co-operative Bank of Kenya Limited and Jamii Bora Bank. It is also subject to approvals by…

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NIC Group and CBA limited merge to become NCBA Group PLC

KENYA – The Central Bank of Kenya and the National Treasury have granted approval for the merger of NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA). The amalgamation takes effect on, 30th September 2019. The new merged Group will be called NCBA Group PLC and the Kenya operating bank will be known as NCBA Bank Kenya PLC. Isaac Awuondo, CBA’s Group Managing Director and Chairman designate of NCBA Bank Kenya PLC thanked all the regulators for granting the necessary approvals expeditiously and for the guidance received during…

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