Wednesday, May 10, 2006
ICICI Bank to Kenya
ICICI, India’s largest private bank (and 2nd overall) plans to open a representative office in Kenya within the next few months. It has been called India's most aggressive bank, with a strong corporate banking operation, and is also that country's largest issuer of credit cards. ICICI’s arrival into Kenya comes after the State Bank of India's takeover of Giro Bank last year.
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11 comments:
I hear they are buying out I&M Bank soon!
lets see how that goes. do i smell jobs? crossed my fingers
I am not familiar with the Kenyan Credit card market, but I am assuming its a new product that most of the major banks are pushing to their current customers (meaning savings/checking accountholders). Are their any credit rating systems in the works? or is it solely the role of the Credit card issuing financial institution to monitor credit worthiness of their potential credit card holders. Are there any financial institutions issuing credit cards to new clients without necessarily requiring these clients having (checking/savings accounts)?
Interesting, india becoming a global player now huh? me thinks nairobi will soon become a big finacial center, kimunya should come up with plans for a big financial center like what Dubai has, a tax free zone for a couple of years and also look into introducing more instruments into the market.equities and bonds alone wont cut it, there is too much money chasing few investments.Bankelel, how can we get the equity shares ??
dropmyload: News to me, do tell more
gishungwa: they are hiring relationship managers now
Mpenda Pesa: several banks offer credit cards and in the application process is tedious during which bank officers make calls and verify information applicants give when they have fill the forms. But not necessary to have account at the same bank.
Mashatall: Potential is there, with IFC, EIB and other African regional banks already here. Taxation, infrastructure, and bureucracy our weaknesses now.
Also contact Equity since am sure with over 2,000 small shareholders, there's always a couple of them selling some shares.
News is that I&M is expecting to raise thir share capital. Whether is it fully paid up, or tier two money is not sure. Rumour has it they are intending on increasing by 800M and this will contribution by ICICI. Makes sense, only issue I see is whether the holding family would like to dilute their holdings?
2005 vs 2004 Share Capital already up by 500M to 1.5 Billion per annual release in Newspapers.I think Basel II + CBK requirements means they have to be at 2.0B.
Bankelele - Help us out as to the requirements for Banks.
What % does the family own? I know there are additional shareholders who are corporate & non-family. Biashara Bank was taken over by I&M. In exchange the BB shareholders got I&M shares.
Any contact at Equity on trying to buy their shares directly? Or buy existing shares?
equity is listing soon at the stock exchange. soon like within the third quarter of 2006
I think the family owns majority, as they were also substantial holders in Baishara Bank. Added to that, they also bought out a fair number of sharehodlers before the merger.
dropmyload: will watch for I&M rights issue
vituvingisana: will check it out, but theri cap seems to be in line with other banks, barclays, CBA etc on the low end. I'd advise you wait for Equity listing whenever that will be
jp: we've been waiting for over a year now for Equity to list
i heard the icici bank representative from kenya has been chucked out by finance ministry....reasons are not published...
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