Category Archives: CFC

Opportunity Friday

Rights issue
CFC has announced the calendar for their rights issue through which the Bank hopes to raise 744 million shillings by issuing 12 million new shares at 62 shillings (a discount of about 16% on the current market price). Each shareholder (of record on November 2) has the right to 1 new share for 12 currently held. Significant dates are;
– 16 November rights start trading
– 30 Nov last day of trading
– 9 December last payment date
– 16 Dec Results announced and register updated
– 21 Dec 21 new shares start trading

Who wants to be a millionaire?
Mobile operator Safaricom has launched a new contest that will reward 1 lucky subscriber with one million shillingseach week day over the next month. You qualify for the daily draw each time you top up a phone account by one hundred shillings. I’m down 1 today, 29 to go.

Bank consultancy
A Risk management consultancy opportunity has been advertised by PTA Bank, and the deadline is November 30.

Hotel for sale
The National Social Security Fund is selling a 114 bed hotel formerly known as Polana in downtown (not beach) Mombasa. Submit proposalsto the managing trustee by December 7. More information can be obtained from info@nssfkenya.co.ke

Transportation
For transportation of emergency relief commodities to various districts for a period of one year. Apply to the special programmes ministry in the office of the president by December 13.

jobs

Kenya Commercial Bank
– Database developer
– Hardware systems specialist
– Enterprise solutions specialist
Apply by November 25th to the divisional director, human resources, 48400-00100 Nairobi

Savings & Loan Kenya – a subsidiary of KCB
– manager sales (ESD/SL/05)
– manager marketing (ESD/MK/05)
– corporate credit analyst (ESD/CCA/05)
– advance manager (ESD/AM/05)
Apply by November 25th via KPMG’s executive selection division at esd@kpmg.co.ke .

East African Development Bank
– corporate finance specialist
– internal auditor
Apply by 25 November to the country manager EABB, 47685 Nairobi

UNDP Kenya
Poverty & Environment Advisor. Check www.ke.undp.org for details and apply by November 13.

Commonwealth Secretariat
GIDD (Government & institutional development division) advisors for East & West Africa. Check www.thecommonwealth.org for details and deadline is 9 December.

Deloitte & Touché
– Audit seniors. Apply by 30 November at admin@deloitte.co.ke

Tetra Pak
– financial analyst. Apply by November 22 to the human resource manager, 78340-00507 Nairobi.

Sports
Champions Unite: To create a champions league and super bowl powerhouse. (British soccer team Liverpool FC said it has held discussions with New England Patriots owner Robert Kraft amid speculation that the U.S. tycoon could be poised to buy a stake in the club.)

Flat fee Banking

Flat fee bank accounts are the closest thing to free-checking accounts here. NIC was the first with MOVE (launched in November 2003) and since then other Bank’s have tried to imitate the MOVE concept whose main feature was an offer of a variety of bank transactions – all for a flat monthly fee. A comparison of the offers in order of rank;

1. Diamond Trust Open Plan:(490/= shillings per month)
Diamond Trust Open Plan includes ATM card, one chequebook each year inward salary processing, unlimited deposits & withdrawals from ATM and quarterly statement internal transfers. The Bank also has Open Air: (For 690/=) which comes with spouse ATM card, free internet banking, 2 chequebooks a year, and monthly statement) and Open Sky: (For 790/=) which offers one a designated relationship manager, 3 chequebooks a year, 1 free bankers cheque per month and unlimited standing orders inclusive of loan instalments to other banks. DTB currently has 11 ATM locations (9 in Nairobi).

2. NIC Move (800/= month)
MOVE includes a free ATM Card, 50-leaf cheque book, incoming salary transfers, monthly Standing orders & direct debits, one free Bankers’ cheque per month, internet banking, monthly statement, SMS Banking and MOVE Zone Locations have loan/account representatives and self-help PC available from 8 a.m. to 8 p.m. MOVE has 13 (11 in Nairobi) ATM locations.

3. Standard Chartered All-in-One (750/= per month)
Stanchart includes ATM card, chequebooks, standing orders, local/foreign telegraphic transfer, traveller’s cheques, local ATM withdrawals, free foreign currency purchase/sale, free DEBIT card and one free banker’s cheque per month. Has the largest ATM network (58) out of the four banks.

4. CFC (Saturday only)
CFC Bank has some transactions free on Saturdays only including interim statements, chequebooks, banker’s cheques/drafts, and traveller’s cheques. (All are subject to minimum balance of 10,000 maintained throughout the month, otherwise a fee of Kshs. 500 per month applies)

Big Bank Updates

CFC: CFC Bank posted a net profit of 665 million, up from 415 million in 2003 (60% increase) and will pay a dividend of .84 shillings/share (same dividend as 2003). During the year, customer deposits grew from 10.1 to 12.9 billion, while loans to customers also increased from 7.8 to 11 billion. They also reduced their government securities from 3.5 to 3 billion, while their non-performing assets also reduced from 422 to 394 million. The only odd point was an increase in investment in subsidiary companies from 166 to 691 million, related to the purchase of Alico insurance.

Co-op: Cooperative Bank bucked a trend by investing more in government securities. During the era of low-interest rates, bank’s have been transferring funds from the government to the private sector, but Co-op increased their government securities by almost 3 billion shillings to 3.3 billion at year-end up from 459 million in 2003 (and earned 558 million, up from 272 million on govt. securities). Also provisions for bad debts almost doubled from 464 to 886 million.  The bank increased its customer deposits from 26 to 35 billion, and also loans to the public from 18 to 35 billion. The Bank ended the year with after tax profits increased by 32% – from 156 million to 206 million.

KCB: KCB has announced that they will add 36 more ATM outlets by the end of the year. They currently have 83 in operation.

World Bank: This week, George W. Bush gives the World the finger by nominating Paul Wolfowitz, the Chief architect of the US War in Iraq to head the World Bank

(and speaking fingers, watch Nation TV this weekend for a re-cap of the opening of Parliament – and don’t blink or you’ll miss a clip of Chris Murungaru flipping the bird at someone)

Banking Jobs

Industrial Development Bank is looking for a new managing director. Like with the NIC MD job, you must have at least 15 years of banking experience. (Deadline December 17th).

Africa Alliance Investment bank is looking for two experienced investment bankers (D/L 17/12).

CFC Bank is looking for an assistant corporate manager, assistant hire purchase manager, marketing officer, credit administrator officer and a supervisor corporate credit (D/L 13/12).

And the Nairobi Stock Exchange has re-advertised for the post of chief operations officer (D/L 17/12); applicants must have 10 years managerial experience.

All these jobs were advertised in the daily nation of Friday December 3.