Equity takes over US$20m East African Cables loans by various lenders

KENYA – Equity Bank, a Kenyan financial service provider, is taking over a total of US$20m (KSh2 billion) worth of loans that had been advanced to East African Cables by various lenders, including Standard Chartered Bank (Kenya) and Ecobank Kenya Limited. According to Business Daily, the cables manufacturer has disclosed details of its debt restructuring in its latest annual report. Equity Bank has been revealed as the lender that provided KSh1.6 billion (US$16m) that was used to settle StanChart claims. StanChart wrote off Sh1.5 billion (US$15m) and opted to walk…

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