The Government intends to sell a portion of Development Bank of Kenya (DBK) to a strategic investor.
The goverment, through ICDC owns 90% of the Bank which was almost merged with Housing Finance in 2005.
DBK is Kenya’s 34th largest bank with assets of Kshs. 3.9 billion ($55 million)
The bank is cash rich… it would have been a good fit for HFCK…
Since Equity purchased the retail loans from them… I have a sneaky feeling… Equity or HFCK will buy/merge the bank in exchange for shares!!!
It will give Equity the Shareholders equity it needs to continue growing its balance sheet!