Away from politics, talking points for Monday

If you’re still earning less than 2% on your savings accounts or fixed deposit accounts (rates dipped in 2003, and early 2004), you should ask your bank or branch manager to raise it or you’ll take a walk. With treasury bill rates at 8%, and banks lending at around 17%, you should be able to earn at least 5%. Standard Chartered, in the Friday newspapers proclaimed, “You deserve a raise” as they trumpeted rates of up to 5.5% for 12 months and 7.2% for 24 months. Other banks are expected to follow suit, but more quietly.

Since Equity Building Society got their license and converted into a bank, they have now walked away from their offer to buy out Daima Bank (in statutory management). They had earlier offered to buy Daima for 220 million (and also assume Daima’s 800 million debts). Still, according to the Sunday Standard, a deal to revive Daima should be completed in February 2005 with another investor.

Prime Bank has signed on to sponsor the main series of golf events in Kenya known as the “festival of golf.” This year the festival will comprise 18 tournaments around the country, with the finals to be on September 3 at Leisure Lodge Mombasa (a sister company of Prime Bank).

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