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• CIC Insurance Group has reported a 64% rise in its net profit to hit KSh 1.1 billion in the year ended December 2022
• The regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management
• CIC Group’s gross written premium grew by 20% from KSh 19.7 Billion reported in 2021 to KSh 23.7 Billion in 2022. The net earned premiums grew from KSh 14.7 Billion to KSh 17.5 Billion

CIC Insurance Group has reported a net profit of KSh 1.1 billion in the year ended December 2022, marking a growth of 64% from the KSh 668 million reported in 2021.

On Wednesday, March 22, the regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management.

The company also pegged its improved performance to operational efficiency, digital transformation, …

• Premier Bank Limited Somalia (PBLS) has completed the acquisition of a 62.5% shareholding of First Community Bank Limited (FCB) effective 27th March 2023
• FCB is classified as a Tier 3 bank in Kenya with 18 branches and a market share of 0.3% as of December 2022
• PBLS is the first bank in Somalia to establish a majority-owned banking subsidiary in Kenya
• CBK said that the acquisition will strengthen the trade and investment ties between Kenya and Somalia

The Central Bank of Kenya (CBK) has announced that Premier Bank Limited Somalia (PBLS) has completed the acquisition of a 62.5% shareholding of First Community Bank Limited (FCB) effective 27th March 2023.

The acquisition comes after receiving regulatory approvals from the CBK and the Cabinet Secretary for the National Treasury.

According to CBK, FCB, which has been in operation since June 2008, is classified as a Tier 3 bank in Kenya with 18 …

• Bangkok-based hotel chain Dusit International has announced plans to open a hotel-serviced apartment in Westlands Nairobi in 2023 dubbed ‘Dusit Princes Hotel Residences’
• The upper-middle class property will comprise a hybrid of 56 one-bedroom and 30 studio apartments and 14 deluxe hotel rooms
• The opening of ‘Dusit Princes Hotel Residences’ comes after the closure of ‘DusitD2 Nairobi’ in 2021, a luxury hotel branch of Dusit International which was located at 14 Riverside Complex in Westlands

Dusit International says it plans to open a hotel-serviced apartment in Westlands Nairobi in 2023 dubbed ‘Dusit Princes Hotel Residences’, along Mimosa Lane off Church Road.

The Bangkok-based Thai Hotel and property development company said the upper-middle-class property will consist of a hybrid of 56 one-bedroom and 30 studio apartments and 14 deluxe hotel rooms.

Other facilities at the property will include an Italian-inspired restaurant dubbed ‘The Olive Restaurant’, a rooftop bar dubbed ‘The Aviary …

• East Africa’s notable company mergers and acquisitions have been recognised at this year’s DealMakers AFRICA Awards
• DealMakers AFRICA tasked advisory firms to nominate and submit notable mergers and acquisitions for two categories, namely East Africa’s deal of the year and East Africa’s private equity deal of the year
• DealMakers AFRICA ultimately picked KCB Group’s acquisition of Trust Merchant Bank (TMB) as the region’s deal of the year
• DealMakers AFRICA named Naivas’ stake exit the region’s Private Equity Deal of the Year

East Africa’s notable company mergers and acquisitions have been recognised at this year’s DealMakers AFRICA Awards gala held in Nairobi, following a two-year break of a physical event due to COVID-19 restrictions.

The awards ceremony, held at Villa Rosa Kempinski, also recognised advisory firms that were involved in the execution of the mergers and acquisitions and general corporate finance. The firms were contracted either as financial advisers, legal advisers …

• E-commerce is supporting women’s entry to and success in the digital economy and helping to compete in sectors like electronics where they are typically underrepresented
• The growth of e-commerce in countries such as Kenya represents an opportunity to close gender gaps by opening more markets to women-owned businesses 
• By bridging the wide gap of access to digital and financial inclusion, more women would be able to list their businesses on e-commerce platforms and allowing them to grow

The ongoing expansion of Kenya’s digital economy has the potential of creating opportunities for countless Kenyan women to make a livelihood, especially in the e-commerce space.

A finding by the International Financial Corporation observed that the growth of e-commerce in countries such as Kenya represents an opportunity to close gender gaps by opening more markets to women-owned businesses.

It further noted that while there is a higher incidence of women entrepreneurs compared to …

• Diamond Trust Bank and Mastercard have announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya
• The Agreement will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology
• The agreement is the latest partnership between DTB and Mastercard in East Africa with the bank exclusively issuing Mastercard payment cards in Kenya, Uganda, and Tanzania

Diamond Trust Bank (DTB) and global technology company Mastercard have entered into a new deal to enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya.

The Agreement will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology.

The agreement will enable DTB to process and settle payments in a faster, more convenient, cost-effective and regulated way as it works to increase its footprint in the region. It also improves the reach …

• Quickmart Supermarket has opened a new outlet along the Northern Bypass Road, bringing its number of operating outlets countrywide to 56 amid rapid growth in Kenya’s retail sector
• The desire to cater to the convenience preferences of shoppers within the residential locality influenced the decision by the Kenyan retailer to open a 24-hour store in Thome
• The move is part of an aggressive expansion drive to promote the Quickmart brand as a household name among customers and increase its competitiveness against other retailers such as Naivas and Carrefour

Quickmart Supermarket has opened a new outlet along the Northern Bypass Road, bringing its number of operating outlets countrywide to 56, even as Kenya’s retail industry continues to see significant growth movements by various retailers as they strive for market supremacy.

The desire to cater to the convenience preferences of shoppers within the residential locality influenced the decision by the Kenyan retailer …

• Kenya’s ultra-wealthy performed better than their counterparts elsewhere in the world in 2023 
• The world’s wealthiest saw their fortunes slashed globally by 10% in 2022 owing to challenges including post-pandemic property price falls, soaring energy prices, and surging inflation 
• Africa’s super wealthy saw the lowest losses, recording an overall drop of just 5%

Kenya’s wealthy fared better than the wealthy anywhere else in the world during the economic turmoil of 2022, retreating from international citizenships and foreign property in favour of Kenya and Africa as safe havens.

This is according to the 2023 attitudes survey issued with Knight Frank’s annual Wealth Report. As per the survey, the world’s Ultra-High Net Worth Individuals (UHNWIs) saw their fortunes slashed globally by 10% in 2022 on a cocktail of post-pandemic property price falls, soaring energy prices, falling stock markets, and surging inflation and interest rates.

The super-wealthy in Europe were by far the …

• KCB says it will open twelve 12 new branches in Kenya and Tanzania, to bring its total number of branches to more than 500
• KCB Group Managing Director Paul Russo told Business Daily that the increase in its branches would assist them to reach more customers
• The new branches are expected to complement KCB Group’s regional footprint with an asset base of KSh 1.5 Trillion (US$12.6 billion)

Regional lender Kenya Commercial Bank (KCB) says it will open twelve 12 new branches in Kenya and Tanzania, to bring its total number of branches to more than 500.

KCB Group Managing Director Paul Russo told Business Daily that the increase in its branches would assist them to reach more customers.

Russo said they had already received approvals to open 6 of the twelve branches. The 6 are located in Kenya.

KCB’s plan of opening new branches is part of the Group’s strategic …

• Kenya will receive an additional US$126 million from the U.S. Agency for International Development (USAID) to address the ongoing drought
• USAID said it was providing the funding to address the hunger crisis that has left more than four million people in the grips of a dire hunger crisis
• The announcement comes following a visit to the country by First Lady Jill Biden where she met with drought-affected communities and heard first-hand about the devastating impacts

Kenya will receive an additional US$126 million from the U.S. Agency for International Development (USAID) to address the ongoing drought.

On Tuesday, February 28, 2023, USAID said it was providing the funding to address the hunger crisis that has left more than four million people in the grips of a dire hunger crisis.

According to USAID, the number is expected to rise to over five million by June 2023.

The announcement comes following a visit …