Category Archives: Qatar

Chase Bank to Reopen

This morning, the Governor of the Central Bank announced that Chase Bank would soon reopen. This will be facilitated by KCB, and comes a day after unconfirmed reports that QNB of Qatar was poised to win the race to take over Chase.

KCB’s credentials as a strong bank with a solid brand, adequate human resources, and wide experience in the country, will facilitate safeguarding the interests of CBL’s depositors and creditors, and the wider public interest. CBK will continue to monitor closely developments in CBL. Accordingly:  All Chase Bank Ltd (In Receivership) branches will open by Wednesday, April 27, 2016. The online and mobile banking services will also become available. However, branches may initially offer limited banking services.

QNB in Kenya

The local newspapers have an ad by QNB Group (QNB – Qatar National Bank ). QNB is not in Kenya officially, but they are the largest investor at Ecobank (with 23.5%) who have a mid-size presence in Kenya (about No 20) – one of the 36 countries across the continent that Ecobank is present in. QNB

A newspaper opinion piece last year linked QNB with a bid to buy government shares in one of Kenya’s state-owned local banks – one with a regional presence in East Africa. QNB Capital was also the joint lead manager for Kenya’s 2013 Eurobond with plans to arrange a Sukuk (sovereign bond) for Kenya after the Eurobond.  

A Bloomberg piece notes that the Qatar bank is pushing into Africa as competition in its home market of 2 million people curbs profitability..with the possibility that QNB will go for the entire (Ecobank).

Web briefs

  • Award-winning Qatar Airways begins flights to Nairobi today.
  • Vodacom (SA) could soon be bidding to buy out Vodafone’s (its parent company) 40% share of Safaricom Kenya.
  • Is Kenya bartering wildlife to Thailand to win a seat on the UN Security Council?
  • The Economist ranked Kenya Airways ranked as one of three viable African airlines alongside Ethiopian Airlines and South African Airways. Also while African airlines are fighting each other they are likely to be sidelined by foreign mega-airliners.
  • The Japanese are buying & selling stocks in record numbers using their mobile phones.