Category Archives: EABS


A South African banking regulator believes that absorbing Barclays Africa operations in nine countries (including Barclays Kenya) would be “too much to chew” for Absa. This is part of the second phase of the Barclays Absa merger.

Also at the NSE

Consolidation at REA Vipingo
The Robinow family (UK) has applied to the Capital Markets Authority (CMA) to increase its stake in Rea Vipingo plantations from 21% to 57% by acquiring shares from REA Holdings (for Kshs. 94 million) and Unitbuckle Holding through a private transfer. They are appealing that the effective takeover be classified as a consolidation and not as a takeover and intend for the company to continue trading at the NSE.

East African Cables group turnover increased from 825m to 1,162 million shillings and profit almost doubled from 124m in 2004 to 213m in 2005. The company will pay a 2nd and final dividend of 3.5 sh per share (1st interim dividend was 1.5) after the AGM in March.

Pan Africa Insurance ended 2005 with net premium income increasing from 790m to 1,031 million and total income from 1,105m to 1,569m. Profit for the year increased from 94m to 177m and the company will pay a dividend of 1.2 sh per share (up from 1) after May 11.

Serena: Wednesday, February 15, is the deadline for Serena shareholders to participate in the company’s consolidation.


EABS Bank intends to reduce its share capital from 1,662.5 million to 1,112.5 m shillings and a court hearing will be held on February 28 in this regard.

Dubai Bank has advertised to sell the road construction assets of the late Sunil Behal – including graders, caterpillars, lorries, tippers, fuel & water tankers, trailers and bulldozers – by public auction on February 21.

Scholarship opportunity

The Les Aspin Center for Government is inviting a select few Kenyan to a 6-week training program on anti-corruption and good governance to be conducted in Washington DC in August and September 2006.

Candidates: Must be Kenya so over 25 years (if university students over 21 years) with not less than 2 years relevant work experience e.g. at government agencies, civil society, human rights, women development, education, print & electronic media, or to do with public or private accountability.

Applications: Deadline is March 17, and send pack (application letter, 2 letters of recommendations, p.copy of passport, current org. info, CV and 200 – 250 word statement of purpose on how training will benefit the candidate & society) to the Les Aspin Center for Government P O Box 50309 city square Nairobi. (apply only to Nairobi & by snail mail)

Cheap Advertising
The Nairobi City Council has slashed advertising rates by 50%.

Building Societies Move into Banking

Two months ago, Equity Building Society converted into a Bank. And now there are more moves in the same direction:

East African Building Society
According to the East African newspaper, East African Building Society (EABS) will merge with Akiba Bank to form EABS Bank Limited. The new bank will have assets in excess of 10 billion shillings and 11 branches that operate Kenswitch ATM’s and Western Union money transfer locations.

Family Finance Building Society
In a rush to keep up with Equity Bank, FFBS has announced that they will not sell out to foreign investors who are keen to buy them. They also intend to convert into a Bank and float their shares on the stock exchange.