Wazua
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Law Capping interest rates
Rank: Member Joined: 10/6/2015 Posts: 249 Location: Nairobi
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aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Word... https://www.businessdail...68006-amgyq4/index.html
Never lose your position in a bull market,BTFD.
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Rank: Elder Joined: 7/21/2010 Posts: 6,175 Location: nairobi
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mamilli wrote:aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Word... https://www.businessdail...68006-amgyq4/index.html
Parliament is proving to dance to the tunes of party owners .No principles "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Veteran Joined: 11/13/2015 Posts: 1,568
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aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Stop listening to people in ivory towers and prepare for the hard landing....  Quote:Judging by what has happened in the past few days, one can only conclude that an appropriate macroeconomic policy mix — of easier monetary policy (low real interest rates on average) and tighter fiscal stance (austerity) — is now taking shape in Kenya. Unfortunately, the tightened Sh2.97 trillion Supplementary Budget Estimates are only coming after we have screamed ourselves hoarse on monetary policy (interest rates – the cap, reserves), and fiscal policy (fiscal deficit, borrowing, spending, VAT and the navel-gazing at an umpire called IMF). https://www.businessdail...7798-7nlocpz/index.html
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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wukan wrote:aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Stop listening to people in ivory towers and prepare for the hard landing.... Quote:Judging by what has happened in the past few days, one can only conclude that an appropriate macroeconomic policy mix — of easier monetary policy (low real interest rates on average) and tighter fiscal stance (austerity) — is now taking shape in Kenya. Unfortunately, the tightened Sh2.97 trillion Supplementary Budget Estimates are only coming after we have screamed ourselves hoarse on monetary policy (interest rates – the cap, reserves), and fiscal policy (fiscal deficit, borrowing, spending, VAT and the navel-gazing at an umpire called IMF). https://www.businessdail...7798-7nlocpz/index.html
Thank heavens that the presidential memo has been supported.. Its better that we be hit with the tax hikes than grind to a halt as a nation
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Veteran Joined: 9/18/2014 Posts: 1,127
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obiero wrote:wukan wrote:aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Stop listening to people in ivory towers and prepare for the hard landing.... Quote:Judging by what has happened in the past few days, one can only conclude that an appropriate macroeconomic policy mix — of easier monetary policy (low real interest rates on average) and tighter fiscal stance (austerity) — is now taking shape in Kenya. Unfortunately, the tightened Sh2.97 trillion Supplementary Budget Estimates are only coming after we have screamed ourselves hoarse on monetary policy (interest rates – the cap, reserves), and fiscal policy (fiscal deficit, borrowing, spending, VAT and the navel-gazing at an umpire called IMF). https://www.businessdail...7798-7nlocpz/index.html
Thank heavens that the presidential memo has been supported.. Its better that we be hit with the tax hikes than grind to a halt as a nation Have you considered that tax hikes do not necessarily lead to an increase in revenue to fund the ever expansionary fiscal policy? It may very well lead to the halt you allude to. What is happening is the equivalent of killing/hacking to bits/starving the goose that lays the golden egg. The main purpose of the stock market is to make fools of as many people as possible.
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Rank: Veteran Joined: 9/18/2014 Posts: 1,127
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wukan wrote:aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Stop listening to people in ivory towers and prepare for the hard landing.... Quote:Judging by what has happened in the past few days, one can only conclude that an appropriate macroeconomic policy mix — of easier monetary policy (low real interest rates on average) and tighter fiscal stance (austerity) — is now taking shape in Kenya. Unfortunately, the tightened Sh2.97 trillion Supplementary Budget Estimates are only coming after we have screamed ourselves hoarse on monetary policy (interest rates – the cap, reserves), and fiscal policy (fiscal deficit, borrowing, spending, VAT and the navel-gazing at an umpire called IMF). https://www.businessdail...7798-7nlocpz/index.html
GoK simply doesn't intend to make the necessary adjustments both on the fiscal end (austerity) and the monetary side(remove the shackle called rate cap) to ensure the boat is able to navigate choppy waters ahead. With demand inflation having tapped out (partly thanks to a private sector recession/credit freeze), a rigid interest rate regime (which has helped the government to maintain its copious appetite for debt but at a very steep price that will be paid later) that leaves the KES as the only adjustment mechanism. That implies devaluation is a certainty. Heck, the market could help it on its way. The main purpose of the stock market is to make fools of as many people as possible.
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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lochaz-index wrote:obiero wrote:wukan wrote:aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Stop listening to people in ivory towers and prepare for the hard landing.... Quote:Judging by what has happened in the past few days, one can only conclude that an appropriate macroeconomic policy mix — of easier monetary policy (low real interest rates on average) and tighter fiscal stance (austerity) — is now taking shape in Kenya. Unfortunately, the tightened Sh2.97 trillion Supplementary Budget Estimates are only coming after we have screamed ourselves hoarse on monetary policy (interest rates – the cap, reserves), and fiscal policy (fiscal deficit, borrowing, spending, VAT and the navel-gazing at an umpire called IMF). https://www.businessdail...7798-7nlocpz/index.html
Thank heavens that the presidential memo has been supported.. Its better that we be hit with the tax hikes than grind to a halt as a nation Have you considered that tax hikes do not necessarily lead to an increase in revenue to fund the ever expansionary fiscal policy? It may very well lead to the halt you allude to. I'm on a different school of thought that guides me to believe that without the hikes government wouldn't be able to sustain itself
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Veteran Joined: 9/18/2014 Posts: 1,127
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obiero wrote:lochaz-index wrote:obiero wrote:wukan wrote:aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Stop listening to people in ivory towers and prepare for the hard landing.... Quote:Judging by what has happened in the past few days, one can only conclude that an appropriate macroeconomic policy mix — of easier monetary policy (low real interest rates on average) and tighter fiscal stance (austerity) — is now taking shape in Kenya. Unfortunately, the tightened Sh2.97 trillion Supplementary Budget Estimates are only coming after we have screamed ourselves hoarse on monetary policy (interest rates – the cap, reserves), and fiscal policy (fiscal deficit, borrowing, spending, VAT and the navel-gazing at an umpire called IMF). https://www.businessdail...7798-7nlocpz/index.html
Thank heavens that the presidential memo has been supported.. Its better that we be hit with the tax hikes than grind to a halt as a nation Have you considered that tax hikes do not necessarily lead to an increase in revenue to fund the ever expansionary fiscal policy? It may very well lead to the halt you allude to. I'm on a different school of thought that guides me to believe that without the hikes government wouldn't be able to sustain itself The situation KE finds itself is not the realm of school of thoughts. It is pretty straightforward: if fiscal consolidation doesn't happen hard and fast, the economy will suffer for a long time. That means even the revenue KRA is collecting (inclusive of monies from tax hikes) will keep shrinking year on year. The main purpose of the stock market is to make fools of as many people as possible.
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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lochaz-index wrote:obiero wrote:lochaz-index wrote:obiero wrote:wukan wrote:aemathenge wrote:Copy and Paste Extract: Quote:Hope for banks as Rotich says interest cap will be revisited
National Treasury Cabinet Secretary Henry Rotich has announced that the government is planning to “revisit” the interest rate capping law in a move that he argues will support economic growth by reviving lending to the private sector.
If introduced and adopted by the National Assembly, the changes to the Banking Act will boost the profitability of banks. https://www.nation.co.ke...67642-3lt8qs/index.html
Stop listening to people in ivory towers and prepare for the hard landing.... Quote:Judging by what has happened in the past few days, one can only conclude that an appropriate macroeconomic policy mix — of easier monetary policy (low real interest rates on average) and tighter fiscal stance (austerity) — is now taking shape in Kenya. Unfortunately, the tightened Sh2.97 trillion Supplementary Budget Estimates are only coming after we have screamed ourselves hoarse on monetary policy (interest rates – the cap, reserves), and fiscal policy (fiscal deficit, borrowing, spending, VAT and the navel-gazing at an umpire called IMF). https://www.businessdail...7798-7nlocpz/index.html
Thank heavens that the presidential memo has been supported.. Its better that we be hit with the tax hikes than grind to a halt as a nation Have you considered that tax hikes do not necessarily lead to an increase in revenue to fund the ever expansionary fiscal policy? It may very well lead to the halt you allude to. I'm on a different school of thought that guides me to believe that without the hikes government wouldn't be able to sustain itself The situation KE finds itself is not the realm of school of thoughts. It is pretty straightforward: if fiscal consolidation doesn't happen hard and fast, the economy will suffer for a long time. That means even the revenue KRA is collecting (inclusive of monies from tax hikes) will keep shrinking year on year. Only PAYE would drastically reduce due to job cuts.. However, SME and manufacturing are likely to continue as it's not anticipated that the guys who lose jobs will leave the country.. They will seek a living, probably as a small scale trader
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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obiero wrote:Ericsson wrote:obiero wrote:obiero wrote:obiero wrote:Spikes wrote:obiero wrote:mlennyma wrote:obiero wrote:murchr wrote:obiero wrote:Angelica _ann wrote:Wow KCB headed to 70bob!!! Kenya Govt and the People of Kenya are distinct Layman English please The law won’t be reversed to repeal is to abolish/anull a law or an act of parliament. .prophet obiero you mean this word was used wrongly ? I mean that it was a political response to IMF that will not garner real political support in the House. To repeal it cannot be via twitter feeds, this thing is hardcoded in wanjiku who prefers no debt to the mercinary rates that were being bandied by Kenyan banks It should be mercenary. The problem emanates from attending shithole schools where a young bugger used to receive instructions under a tree inside squalid makeshift structures. It was written.. MPs will not support the amendment via orders from above! Anyone still waiting for a repeal? Bank margins continue being squeezed via the main income line being lending.. It's not easy for the Kenyan financial industry right now. Expect more consolidation Watch and learn. No MP will risk loosing the next term https://www.businessdail...1546-ki208bz/index.html
I think the opposite will happen,the bill to repeal/ammend the interest rates cap law will sail through Already the signs are ominous.. Talk to your legislative friends, if you have any The rate cap is here to stay.. Remember DP said he needs single digit lending rates, an idea Raila believes in too..
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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obiero wrote:obiero wrote:Ericsson wrote:obiero wrote:obiero wrote:obiero wrote:Spikes wrote:obiero wrote:mlennyma wrote:obiero wrote:murchr wrote:obiero wrote:Angelica _ann wrote:Wow KCB headed to 70bob!!! Kenya Govt and the People of Kenya are distinct Layman English please The law won’t be reversed to repeal is to abolish/anull a law or an act of parliament. .prophet obiero you mean this word was used wrongly ? I mean that it was a political response to IMF that will not garner real political support in the House. To repeal it cannot be via twitter feeds, this thing is hardcoded in wanjiku who prefers no debt to the mercinary rates that were being bandied by Kenyan banks It should be mercenary. The problem emanates from attending shithole schools where a young bugger used to receive instructions under a tree inside squalid makeshift structures. It was written.. MPs will not support the amendment via orders from above! Anyone still waiting for a repeal? Bank margins continue being squeezed via the main income line being lending.. It's not easy for the Kenyan financial industry right now. Expect more consolidation Watch and learn. No MP will risk loosing the next term https://www.businessdail...1546-ki208bz/index.html
I think the opposite will happen,the bill to repeal/ammend the interest rates cap law will sail through Already the signs are ominous.. Talk to your legislative friends, if you have any The rate cap is here to stay.. Remember DP said he needs single digit lending rates, an idea Raila believes in too.. The government cannot afford higher rates... possunt quia posse videntur
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Rank: Veteran Joined: 11/13/2015 Posts: 1,568
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This is where the capping interest rates has landed us  Quote:The popularity of Shylock dens in Nairobi is usually fueled by lengthy and tiring procedures in obtaining a loan from mainstream financial institutions. But, thanks to the advent of mobile banking, formal banks have also lunged into shylocking eyeing the good returns in this niche market. They have since unveiled a number products targeting this growing market segment. For commercial banks, there is M-Shwari, sponsored by Kenya Commercial Bank, KCB M-Pesa in partnership with Safaricom and M-Co-op Cash managed by Cooperative Bank and Timiza by Barclays Bank- all targeting this lucrative informal market. Read more at: https://www.standardmedi...a-s-new-shylock-economy
Quote:According to the Central Bank Financial Market Stability report, as at March 2017, the volume of new mobile loans approved monthly by commercial banks had increased by 53 per cent, while the value of new mobile loans approved monthly increased by 81 per cent.
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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wukan wrote:This is where the capping interest rates has landed us Quote:The popularity of Shylock dens in Nairobi is usually fueled by lengthy and tiring procedures in obtaining a loan from mainstream financial institutions. But, thanks to the advent of mobile banking, formal banks have also lunged into shylocking eyeing the good returns in this niche market. They have since unveiled a number products targeting this growing market segment. For commercial banks, there is M-Shwari, sponsored by Kenya Commercial Bank, KCB M-Pesa in partnership with Safaricom and M-Co-op Cash managed by Cooperative Bank and Timiza by Barclays Bank- all targeting this lucrative informal market. Read more at: https://www.standardmedi...a-s-new-shylock-economy
Quote:According to the Central Bank Financial Market Stability report, as at March 2017, the volume of new mobile loans approved monthly by commercial banks had increased by 53 per cent, while the value of new mobile loans approved monthly increased by 81 per cent.
I wonder why Equity Bank has been left behind in this lucrative market? In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Veteran Joined: 9/18/2014 Posts: 1,127
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wukan wrote:This is where the capping interest rates has landed us Quote:The popularity of Shylock dens in Nairobi is usually fueled by lengthy and tiring procedures in obtaining a loan from mainstream financial institutions. But, thanks to the advent of mobile banking, formal banks have also lunged into shylocking eyeing the good returns in this niche market. They have since unveiled a number products targeting this growing market segment. For commercial banks, there is M-Shwari, sponsored by Kenya Commercial Bank, KCB M-Pesa in partnership with Safaricom and M-Co-op Cash managed by Cooperative Bank and Timiza by Barclays Bank- all targeting this lucrative informal market. Read more at: https://www.standardmedi...a-s-new-shylock-economy
Quote:According to the Central Bank Financial Market Stability report, as at March 2017, the volume of new mobile loans approved monthly by commercial banks had increased by 53 per cent, while the value of new mobile loans approved monthly increased by 81 per cent.
Cost of money aka interest rates has increased substantially since the advent of the caps. The big beneficiary has been GoK and at the expense of the private sector thereby increasing the crowding out effect as the latter was already sickly from poor macros. Waiting for this to show up in the NPLs column and illiquidity of banks balance sheets. The main purpose of the stock market is to make fools of as many people as possible.
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Rank: Elder Joined: 12/4/2009 Posts: 10,636 Location: NAIROBI
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lochaz-index wrote:wukan wrote:This is where the capping interest rates has landed us Quote:The popularity of Shylock dens in Nairobi is usually fueled by lengthy and tiring procedures in obtaining a loan from mainstream financial institutions. But, thanks to the advent of mobile banking, formal banks have also lunged into shylocking eyeing the good returns in this niche market. They have since unveiled a number products targeting this growing market segment. For commercial banks, there is M-Shwari, sponsored by Kenya Commercial Bank, KCB M-Pesa in partnership with Safaricom and M-Co-op Cash managed by Cooperative Bank and Timiza by Barclays Bank- all targeting this lucrative informal market. Read more at: https://www.standardmedi...a-s-new-shylock-economy
Quote:According to the Central Bank Financial Market Stability report, as at March 2017, the volume of new mobile loans approved monthly by commercial banks had increased by 53 per cent, while the value of new mobile loans approved monthly increased by 81 per cent.
Cost of money aka interest rates has increased substantially since the advent of the caps. The big beneficiary has been GoK and at the expense of the private sector thereby increasing the crowding out effect as the latter was already sickly from poor macros. Waiting for this to show up in the NPLs column and illiquidity of banks balance sheets. Biggest beneficiary in terms of cheap loans. Loser also because of slow growth/reduced tax collection Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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obiero wrote:whiteowl wrote:obiero wrote:obiero wrote:obiero wrote:obiero wrote:obiero wrote:obiero wrote:sparkly wrote:obiero wrote:MaichBlack wrote:Ebenyo wrote:obiero wrote:I told you guys to sell off bank stocks in 2014. Luckily made it out of some major holdings in good time.. but a big percent of your portfolio is still in banks! so, what do you expect to be a fair hair cut on obieros portfolio as a result of kamwanaas house attempt to please Wanjiku. what will be the overall industries' hit in percentage. my fair guess from my lender's perspective (16-14.5)/(16*0.5)*100=18.75% conservetively thieves. COOP & HF will come out strongest in this.. Too little meat to be bitten out from the two. Plus HF has never been strong on deposits being only licensed to have current accounts a few months ago!! HF will have the least interest expense of all listed lenders Hey @Obiero. Bill not signed. And please note I did not put the word 'yet' at the end. Its bound to be signed on Monday 29th Aug 2016 The bankers will visit statehouse with big brown envelop and this story will be forgotten. Smaller banks will fold Here we are... Family fires it's staff https://citizentv.co.ke/...fs-to-cut-costs-143841/
and then Sidian lays off 108 workers http://www.businessdaily...9550-3428588-151f209z/, then Ecobank collapses 9 branches http://www.businessdaily...6506-316lohz/index.html
First Community Bank let go of a quarter of its staff http://www.the-star.co.k...osed-number-of_c1451638
And now BoA closes 12 branches. Sad state of affairs http://www.businessdaily...2926-jp394sz/index.html
Sidian, NBK, Family, HF, NIC struggling.. Small banks shall fold The goose is cooked for NBK NBK has 9 lives,it was supposed to go down even before Dubai bank but its still standing. @whiteowl NBK in its current form and shape cannot survive.. It must be absorbed by a real bank. Smaller banks must close shop unless the caps are reversed http://www.nation.co.ke/...9774-14pykoy/index.html
Boom boom pow. Small banks have nowhere to turn
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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I&M eats up GIRO, DTB eats up HABIB, ABSA eats up BBK, SBM eats up CHASE, CBA wants to eat NIC, KCB wants to eat NBK.. We live in interesting times. No small bank shall remain standing without massive disruption of established norms
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: New-farer Joined: 3/12/2014 Posts: 96
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obiero wrote:I&M eats up GIRO, DTB eats up HABIB, ABSA eats up BBK, SBM eats up CHASE, CBA wants to eat NIC, KCB wants to eat NBK.. We live in interesting times. No small bank shall remain standing without massive disruption of established norms small banks serve their cronies not even their staff are accorded quality loans
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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penkon wrote:obiero wrote:I&M eats up GIRO, DTB eats up HABIB, ABSA eats up BBK, SBM eats up CHASE, CBA wants to eat NIC, KCB wants to eat NBK.. We live in interesting times. No small bank shall remain standing without massive disruption of established norms small banks serve their cronies not even their staff are accorded quality loans A dark underworld.. Remember Imperial?
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Hello Joined: 12/4/2018 Posts: 8
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Impunity wrote:The Banking cartles and CBK have ganged up against the biol, very sad day.
Where in the world do commercial banks makes 30 billion profits and pay 1.5% pa interest on deposits?
Its only invetsment banks which can make such weird profits since most of them are actually pyranid schemes and cons...they quicly derate a country from AA+ to say C in a midnight then go behind door and buy the falling goverment papers in that same country, then after a year or two, they would elevate the country from C to A+, sell the papers and go home laughing.
For commercial banks like KCB and Equity, this is not their core buisness, so how how they manage those billion-profits is a mystery.
Thank you for being so informative!!!
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