Barclays has sweetened its’ mortgage terms
Consolidated: The deposit protection fund (DPF) will sell it’s 50% stake in Consolidated Bank back to the government –who are likely to hold on to the stake until the Bank has a profitable streak that will enable a public listing (e.g. Kenya Re) in a few years. The DPF which guarantees funds of Kenyan bank account holders (up to 100,000 shillings), is now only allowed to invest in government securities.
Equity: As usual, is the first bank to report their September results and Kenya’s fastest growing bank has doubled in almost all measures since a year ago. With assets up 42% and profits up 54% (already exceeded 2005’s) the bank is on track to reach the 1 billion shillings in pre-tax profit mark – a feat the established Nation media group only achieved this year. (See other Bank rankings)
HFCK now offers 20-year mortgage plans.
KCB has four buildings up for sale this month: Hamburg house (Tom Mboya St) for 60 million shillings, Lakhani place (Moi Ave.) 40m, Diamond Building (Moi Ave.) 30m and Loncom Building (Kenyatta Ave – Nakuru) also for 30m. Deadline is 10 November.
Safaricom: Is this the future of money transfers and microfinance?. Safaricom will roll out M-pesa in 2007 which was developed with CBA and Faulu Kenya. Some rough numbers from the trials: Average transaction (1,000 shilling or $14), 0.6 transactions per day, average cash deposit and transfers – 1,500 ($20), and average transfers and withdrawals were 300 shillings each.
– Has a new CEO: Richard Etemesi replaces Mike Hart
– To get new software: CR2’s BankWorld integrated channel banking solution (source: Factiva)