KCB injects US$28m capital in its subsidiary National Bank

KENYA – Financial services group KCB,  has given the National Bank of Kenya a US$28 million long-term loan to help the subsidiary meet minimum capital requirements. The Nairobi Securities Exchange-listed lender made the disclosure in its latest annual report. “In Kenya, the group injected US$47 million into National Bank of Kenya, the subsidiary the group acquired in 2019. In 2021, KCB has increased the capital in NBK via tier-II debt of approximately US$28 million to enable the subsidiary to meet the capital adequacy requirements and also to bolster its resources,” the…

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Pension fund NSSF raises stake in KCB Bank to 7.99% after buying more shares

KENYA – Pension fund National Social Security Fund (NSSF) has purchased an additional 8.55 million shares in KCB Group, raising its stake in Kenya’s biggest bank to 7.99 per cent. Latest figures shows that the state-controlled pension fund closed last month with 256.903 million shares in KCB, being a rise from 248.3 million shares or a 7.73 per cent stake in October. The latest shareholding numbers means that NSSF has added 31.07 million shares in KCB between April and December 2020 amid the Covid-19 environment that saw the lender’s stock…

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National Bank and Banque Misr to equally acquire 40% of stocks in IBAG

EGYPT – The National Bank of Egypt investment arm, Al-Ahly Capital Holding (ACH), and Banque Misr have inked an agreement to equally acquire 40 percent of the stocks of the International Business Associates Group for Money Transfer (IBAG), the Western Union’s representative in Egypt. Chairman of the National Bank of Egypt Hisham Okasha said that the move comes within the bank’s efforts to merge customers targeted into the banking sector as well as using official means for transferring funds in order to increase the flow of foreign currency into Egypt…

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