KCB has been rather silent on the Triton matter even as the company’s share price took a mini hit and its profitability outlook was downgraded in some circles.
The last release from their website was in reference to the launch of a Sustainability Report of the group. It’s not online yet, though it will be, an interesting report with lots of rarely disclosed facts on the bank, mostly their corporate social responsibility (CSR) activities, and will be repeated every two years.
in the report
KCB Brand – has a 75% corporate reputation, is the most popular financial brand, and the 4th most popular in Kenya (after Safaricom, Kenya airways and Coca-Cola) according to the Steadman Group.
Silence on Triton can be explained by KCB’s customer privacy guidelines – the bank assures customers of privacy through stringent procedures and guidelines and undertake responsibility for any breach of confidentiality that may arise
Impact of Triton policy on responsible lending requires that the KCB audit committee meets twice a month, credit committee also twice a month to discuss the risk profile of bank, and the risk management committee meet quarterly or when required
Corruption & Triton: KCB has zero tolerance to corruption, and has 110 ethics champions trained to combat corruption. Also in 2007, KCB exited from Transparency International (TI) bribery index, it prohibits political contributions (direct or indirect) from bank funds, and is a founder member of Ethical Business Group Kenya. The Report states that 2 staff were dismissed and 9 terminated.
Labour matters
- Employees got an average of 39 hours of training a year.
- Base salary is equal regardless of gender: for subordinates (male is Kshs. 36,057, female is Kshs. 33,984) clerical (m 58,434 f 63,600), section heads (m 85,770, f 87,684) managers (m 192,090, f 161,138)
- Staff include managers (630 males to 287 females), most of whom are aged 30 – 50 years (492 m, 212 f)
Environmental
- All loan projects are required to obtain environmental (NEMA) certification.
- KCB will strive to reduce water consumption (estimated at 191,000 cubic meters p.a) reduce energy consumption (5.782 million kwh, consume 312,000 litres of diesel which emitted 248,000 and 838 tons of carbon dioxide respectively).
- KCB will strive to recycle paper, scan documents – encourage customers to uptake e-services (use less paper), participate in tree planting and reforestation,
Empowerment of Kenyans
- Loan base rate of 12%.
- KCB has 71,000 e-customers (receive information by electronic means – which means less paper consumed)
- Create wealth nationwide – branches can procure 33% of products in local areas, and KCB has 9 full branches in sparely populated areas.
- Provide agricultural loans (mavuno for tea farmers and brookside for dairy operators)
- In the education sector, they partner with AIESEC and the Palmhouse foundation
Triton ends well? for KCB: The Triton matter may be a foregone conclusion if the Daily Nation article about an out of court settlement between the Government of Kenya and its financiers (KCB, Fortis, Ecobank, Equatorial banks) is true – and that the government (i.e. taxpayers) may pay the financiers off to not go to court over their funds lost with Trition and the Kenya Pipeline Corporation (KPC). The silence will mean that unsavory happenings at KPC will (maybe) not be exposed further, clearing the way (hopefully) for an IPO of the troubled company.
So, taxpayers will foot the bill for KPC”s incompetence and then KPC will go public and only a few individuals (read: brokers charging exorbitant fee’s) will benefit financially from KPC’s IPO?!
The rest of the information supplied here about KPC is just a bunch of corporate BS put out by KPC”s public relations department.
It’s amazing how kenyans are obsessed with IPO’s thinking that they will cure all the ills of a corrupt system.
KRA wants KShs 2bn so best hope for KCB was a government (taxpayer) bailout… so murungi, devani & buddies go free?
“Base salary is equal regardless of gender: for subordinates (male is Kshs. 36,057, female is Kshs. 33,984) clerical (m 58,434 f 63,600), section heads (m 85,770, f 87,684) managers (m 192,090, f 161,138)”
These does not look equal to me.
The government offering to settle this out of court and underwrite Kshs 7.6 Bn – this compeletely stinks of high-level corruption
I still freaked out and asked that my consultancy fees be withheld while I open an account with a diff bank. Loved KCB b/c it’s homegrown and regional (I’ve also banked with them since I was a freshman), lakini this scandal has forced me to look into banking with Barclays, Stanchart, or UBA. They say that trust is good but control better.
funny that the govt is out beggeging for funds to aid in food crisis while an almost equal amount was lost in just 1 scandal…
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The government is blotted (over 80 ministers and their deputies), it has refused to make its members pay taxes, it is paying for ministers (with our taxes yet people are hungry) to attend an African “BASH” in the US! it has stolen money from the public coffers (latest KPC and Maize scandals). In short the government has stolen from the people, yet it is still stealing farther by saying that the people will bare the cost of the stolen money (use tax payers money to settle the embezzled funds)!!!! Yet it is begging for more money to steal! Oh God, if you are up there listen to Kenyan’s crying! It is like we are helpless, voting the MPs out seems zero effective.
Wow!?! Nice blog!
Who approves loans of this size? Not a branch manager for sure.
CSR my…
There has to be a level of trust & KCB gave the loan in the anticipation that KPC would keep its end of the bargain… but as we know… trust in gov’t institutions should be close to zero!
Coldtusker: sacred cows always go free,ama?
– there are many banks financing oil companies all betting on the integrity of KPC. Will that continue?
–
PKW: I’m sure its solid (am a shareholder), KCB can sue Pipeline for whatever Triton fraudulently sold unless their employees were negligent
Hatua: Energy sector still as lucrative (for politicians and tax coffers) as when TM ran it, but it does not put food on the table for wananchi
Inspectordanger: sad huh? And there are many more scams e.g. ICT yet to be unraveled
TOTAL KNOCKOUT: karibu hapa
MainaT: am sure the board committees were aware of Triton’s position
Love your blog and thanks for the blogroll link. I am actually following you on Afrigator now.
I have also tagged you on my blog, Bankelele, to take part in the Why I Blog About Africa “meme”.
You will have to do a post on the subject now!
Enjoy
Happy Wednesday! Bloghoppin’ here… Hey, I have an interesting tutorial for you that I have written myself. It is about adding Adsense on your Single Post in XML template. I hope you’ll like it! God Bless you!
best blog. been reading your blog since 2005, keep up the good work.
Nairumour has it that there is Triton part 2 that is yet to be exposed. Triton is to PNU what Anglo-leasing was to NARC.
It’s all about election money recovery.
NARC = PNU… no?
about kibz… only if I had known what I know now… I would have done differently in 2002…
Wow, I am bila words… Very impressive compilation of info!
How do you get the 411 on median payroll info? I wonder how the packages compare to EABL, Safcom & KQ.