Now KCB Country: It’s been a long climb back, back but KCB will finally top the Kenyan bank rankings and will lead into 2009 on after overhauling perennial leader Barclays.
At the end of September, Barclays, led with Kshs. 173 billion in assets ($2.36 billion), even with KCB at Kshs. 172 billion [KCB group is at Kshs. 184 billion – through S&L, Uganda, Tanzania, S.Sudan subsidiaries]. But by 2010, it could be a different story. Three years ago, in September 2005, the score was Barclays 106 billion (1), KCB 70 billion (3) – and at that time Equity Bank was at Kshs. 10 billion (No. 13) – but today Equity is at Kshs. 75 billion (zooming in to No. 4)
Capital Issues
– Today is the last day for the Co-Op IPO.
– Strike out banks identified as probably going to raise capital a year ago – Kenya Commercial, Cooperative , National Bank of Kenya cabinet approved share sale, Commercial Bank of Africa, Standard Chartered, Stanbic, Investment & Mortgages got new shareholders, Barclays, Equity, and CFC/Stanbic.
– City Finance Bank shareholders voted to reduce the banks issued share capital to Kshs. 400 million down from 1.6 billion through a cancellation/change in the par value to reflect past losses. Current capital is 331 million
Who’s the Real Marshall?: Two notorious ex-bankers and Kamlesh Pattni and Ketan Somaia who have feuded for control of Marshals Limited (Tata, and formerly Peugeot franchise holders) should prepare for another encounter as the registrar General has called for a meeting in December to iron out the ownership of the company.
Bankers cheques only: If you want to visit and see wildlife in the Masai Mara Game Reserve, the Narok County Council will insist on payment of park fees by bankers cheque only from December. Since the Council collected Kshs. 573 million (~$ 8 million) in game park fees last year, is there concern that more was lost?
Fuel Fixed: The government has today gazetted petrol price margins for major towns in the country
An opportunity looms for the increasingly innovative banks to tap into setting up base at a small town called Sekenani, which is the entry to Maasai Mara National Park.
By setting up shop at this small town, they will ensure a slice of this Kshs.573 Million by issuing bankers cheques to travelers who do not have the patience or time to get one in Nairobi.
Lol.. bankers cheque to get into a park?? Are we moving forward or backwards?
HEEEELP!!! there’s a breakout of IDS (idea defficiency syndrome) at the Tourism Ministry…
Bankers Cheque? Is that the best our old men in Gava could come up with? Jameni, woiwoi woi.. we are done.
If corruption is an issue, why not automate the entry points and have Barcoded / RFID tickets resold all over the country – like the way Safaricom sells scratch cards?
That way the common mwananchi benefits + Economy + Gava benefits + Corruption at gates eliminated!
1) Bankers chqs… stupidity! And they cost 100-500/-!!!!
2) Banks… what was the EB & HFCK deal you were talking of?
Anon: Seems so, or perhaps Pesa Point can put up ATM’s at each gate for instant gate collections
Maishinski: The County Council runs the Mara. KWS/Govt are beholden to them
Coldtusker: I don’t know where I noted that date as a milestone in the Helios-EB-Housing
http://bankelele.blogspot.com/2008/11/kutwa-tuesday-sams-kids.html
U said Nov 4. What was the connection between Helios & HFCK. I know Helios bought 25% (11bn) of EB but not in HFCK.
1st Prize goes to anyone who can decipher what the Business Daily writer in the link below is talking about.
Is there a shortage of competent Business Writers / Editors or what? People who know what they’re talking about?
I have seen so many similar articles in our local dailies that it’s starting to get on my nerves.
The random changanya reporting style used in reporting politics does not apply to business commentaries! Unlike politics where anything goes, the BD reader wants FACTS and WELL RESEARCHED HYPOTHESES!
http://www.bdafrica.com/index.php?option=com_content&task=view&id=11297&Itemid=5812
Jeez!
@ Anonymous: I’m with you on Business Daily writers… why doesn’t Nation pay a few writers some good bucks to write… or even just train them on Business Writing?
BTW, the article you mention was the lead article!
I guess what this means is there’s an opportunity out there for a proper business daily paper, I personally buy Business Daily everyday ONLY because I have no choice!
The articles are kweli, as you say, like political articles… they always have a picture (e.g. if KCB, a picture of guys in a queue at KCB) when in many cases what’s more useful is graphs and charts of past to present, etc that would be more useful to the story….
The articles tend to leave you feeling like you wasted your time reading them so more often than not you just scan headings! More examples from yesterday:
– An article on Flashcom bring competition by having launched cheaper packages for SMEs.
However, no details of these new prices or even a comparison of how they compare to the competition!?!
– In the stock market analysis, they say Vodafone owns 75% of Safcom! Surely, any business writer or editor should shoot himself. With all the hullabaloo about the ipo, who can forget gova owns almost 25%, 25% or so was floated and some kales (MOBILTELEA… or something like that, i’m not the writer :)!) own some 5ish%!
Sop how can Vodafone own 75%?
Business Daily is turning into a joke. Nowadays they have too much sensationalism, and almost zero research.
Why lie i just skim through it nowadays and stop as soon as I sense poorly researched/analyzed BS…
banks
why has mwebesa quit nse?
I see there is lots of good news from KCB, but is there anyone suffering from delays in salary tranfers?
How big is this problem? I know there are now lots of guys eager to close their accounts with KCB.
It is now the 19th! and some people still don’t have their money.
It seems everyone is very quiet about this.
The best have seen it terms of complaints… is this brief memo for UN stuff.
http://notesapps.unon.org/notesapps/unonbb.nsf/Search/8D0A7DEC915FFA51432574EC00310DAA?OpenDocument
Coldtusker: There’s a tie-in somewhere
Maishinski: I like the Business Daily good info, but not much depth, as you said you can skim through the headlines. For in-depth now, their sister East African has the juice
-Anon: No idea on Mwebesa
– Anon2: some account holders at KCB has been having issues since they rolled over to a new IT system