Bank Briefs

Bank Rate
The Central Bank OF Kenya launched a bank rate of 9.75% to the benchmark for all bank lending, replacing the 91 day treasury bill.

Bank of The Year
Next Wednesday, Market Intelligence will host a gala night marking banking excellence awards for 2006. My pick for bank of the year likely to be KCB given their profitable year, share performance, and expansion into investment and regional banking. Their only recent black eye is the bankruptcy at Uchumi whose business KCB had jealously kept from other banks.

Bank-less at Uchumi
Stanbic Bank is a big loser in the Uchumi shutdown, given that they had set up several in-store branches and ATM’s at the newer Uchumi stores. Other in-store partner who have now lost out at Uchumi include Easy Coach, Steers and White Rose

Advertising Swipe
In a new advertisement that escalates the flat fee competion, Standard Chartered Bank takes a swipe at Barclays claiming their all-in-one garden account is better than any Barclays bouquet account.

Pesa Point everywhere
Pesa Point has crossed the one hundred ATM mark – but I wish they would set up a website mapping their new ATM locations for better service. Otherwise you just keep bumping into them in odd places like Nandi Hills town or right below Florida nightclub in Nairobi

Name Change
Industrial Development Bank is now IDB Capital.

KLSA Pannell Kerr Forster is now PFK Kenya.


I-bank jobs
IPO period good time to get an internship or temporary positions at stock broker, investment bank or financial institution as they volumes of IPO paperwork can easily overwhelm some office staff who then have to hire outside help.