Banking & Financial Briefs

New cards
- I&M Classic. Cardholders can transfer from their other credit cards and pay the balance off at zero interest rate.
- KCB has launched a new MasterCard in partnership with Serena hotels

New children accounts
Standard Chartered has launched safari junior and Imperial has launched marble junior cards as they enter a market dominated populated by Co-op and Barclays banks.

New bank awards
Market Intelligence has announced that a banking industry awards gala will be held to be held on June 7.

New MD
Mr. Frank Ireri is the new managing director at Hosuing Finance Company of Kenya (HFCK).

Bright future for NBK?
National Bank of Kenya still has a 4.3 billion shilling deficit which means it can't pay dividends despite its recent profitability. However the Government has plans to wipe out the deficit by settling 16.6 billion worth of past government-initiated advances during this 2006–07 financial year as part of the bank restructuring & privatization project.

Cartel?
On Wednesday, petrol prices went up at most Nairobi stations by between 2/= and 3/= per lire at most stations ina tandem. Compare this to the banking industry where two banks can charge customers from zero to 2,000 for the same service.

Kengen shocker?
The Sunday Standard editorial blames stockbrokers for last minute rush of Kengen applications - challenging that they churned investors funds and only placed orders at the last minute. I went to buy shares in the middle of the period and on the last two days to to correct errors – and IMHO there was the same volume of people each day. I however disagree with Standard argument that those who applied earlier should be given allotment preference. Everyone should be treated equally during the IPO period.

How much is enough?
BOC announced preliminary results showing that 73.53% of Carbacid shareholders have accpted their takeover offer.