Kenya: Car & General increases its stake to 29% in microlender Watu Credit
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Car & General (C&G) has invested an additional Sh38.6 million in microlender Watu Credit Limited, raising its stake in the company to 29 percent in the year ended September.
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Car & General (C&G) has invested an additional Sh38.6 million in microlender Watu Credit Limited, raising its stake in the company to 29 percent in the year ended September.
Shaken by the effects of the Coronavirus, the profits before taxes (BAI) of Kenyan banks fell drastically over the 11 months of 2020. According to Central Bank (CBK) data released on February 1, 2021, BAI fell 28.2 percent to 107.7 billion shillings ($ 979.15 million) from 150.1 billion shillings ($ 1.3 billion) a year earlier. This represents their lowest level in 8 years in the banking sector which has seen a history of strong profit growth.
KCB Group has made a formal application to the regional competition watchdog to be cleared for the Sh4.4 billion ($40 million) deal in which it is seeking to acquire two banks in Tanzania and Rwanda.
Centum Real Estate Company has listed its Sh3 billion project bond on the Nairobi Securities Exchange (NSE), allowing investors to trade the security before it matures in 2023.