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Browsing: Credit Bank
- The acquisition by Shorecap III, LP of 20 percent shareholding in Credit Bank has been approved by Central Bank of Kenya.
- Credit Bank was licensed by CBK as a non-banking financial institution in 1986 under the name Credit Kenya Limited. It converted to a fully-fledged commercial bank in 1995.
- Credit Bank specializes in provision of banking services to small corporates and Micro, Small and Medium-sized Enterprises (MSMEs). It has a market share of 0.5 percent as at March this year.
Mauritian private equity fund Shorecap III, LP has received the nod to acquire a 20 percent stake in Kenyan tier three lender, Credit Bank, in the latest mergers and acquisitions in the country.
The industry regulator, Central Bank of Kenya (CBK), announced the acquisition on Monday, with an effective date of June 15, this year.
This follows CBK’s approval on April 24, 2023, under Section 13(4) of the Banking …
East Africa’s largest insurance group, Jubilee Holdings Limited, has signed a deal with Credit Bank in a move that will see the two entities launch education and investment plans through the Bancassurance model.
The plan to be rolled out by Credit Bank through ‘My Friend Insurance Agency’’ seeks to focus on ensuring that customers of both entities build an education fund and a savings portfolio over a period of time through the bank’s Bumblebee Account, as well as Jubilee Insurance’s array of investment and education plans like Fanaka and Career Life Plus.
This will be facilitated through the use of Bancassurance sales officers strategically positioned at the bank’s 17 branches countrywide.
Jubilee Insurance and Credit Bank see this as an opportunity to entrench a saving culture among Kenyans that currently stands at 11.2 per cent of GDP, according to the latest report by the National Treasury.
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Credit Bank, a middle tier bank in Kenya is eagerly awaiting the Central Bank of Kenya approval to initiate a Ksh 1 Billion transaction signed last month.
The bank has made an expression of intent in capturing the Small and Medium Entreprises (SMEs) segment by partnering with Netherlands based social impact investor Oikocredit by signing the Ksh. 1bn equity investment.
The investment, which is subject to regulatory approvals, will see Oikocredit take a minority stake in Credit Bank. As an investor, Oikocredit will work with Credit Bank to mainstream social impact and impact measurement into Credit Bank’s lending activities.
Speaking at the signing ceremony held last month in Nairobi, Moses Mwendwa, Credit Bank’s Acting Chairman, said: “We welcome Oikocredit as a shareholder with extensive international investing experience and an emphasis on social impact. We look forward to a mutually beneficial relationship.
“Credit Bank’s shareholders approved a rights issue at its