January 27

bank jobs

KCB
- IT security manager: applicants should have university degree with 5 years banking experience, 2 in IT. Also possess CCNA and some security certification (CISSP, CISM, or Comptia+) in addition to good knowledge of Oracle and Swift systems. App to the divisional director, HR, P O Box 48400-00100 Nairobi by February 10
- Director – Marketing: Applicants should have MBA, a professional marketing qualification and 10 years marketing experience – 5 of which should be at banking, finance, FMGC or services-related organization. Apply through Hawkins associates at hawkins.associates@khigroup.com by 13 February

HFCK
Apply for the vacant position of Managing Director at Housing Finance Company of Kenya (HFCK). Applicants should have MBA, 10 years banking experience, 5 leading a bank or major department of one. Apply through (ref MD/01.01) esd@deloitte.co.ke by February 10.

IFC
At the Growth Oriented Women Entrepreneurs (GOWE Kenya) program of the Private Enterprise Partnership for Africa (PEP Africa) at the International Finance Corporation (IFC)
- Program manager
- Business development officer
- Financial analyst
Details at their site and apply be February 7.

World Bank
The application window for summer internships closes on January 31.

financial jobs
Oserain Development Company
- Accountant: must have business degree and be fully qualified accountant with 3 years experience.
- Assistant accountant; must have business degree, at least CPA 2 and a years experience.
Apply to jobs@oserian.com by February 10.

Vegpro
Financial Controller - farming division. Applicants should have CPA (K) and good knowledge of pastel & tally accounting systems. Apply to group human resource manager, P O Box Kenya 32931-00600 by February 15.

Kenya Orient Insurance
- Branch Managers: Applicants should be aged 30 – 35, have business degree and 3 years marking experience, preferably with insurance company. Apply to info@korient.co.ke.

Coca-Cola
sales & marketing (40 opportunities) at Nairobi Bottlers. Apply to vkimeria@ccsabco.co.za by February 2.

Opportunities

Airports
Firms are invited to set up restaurants, fast food outlets, ATM facilities Forex bureau, cold storage, curios, petrol stations shopping malls or other businesses at Moi International Airport - Mombasa. Apply to the Airport Manager, MIA, P O Box 93904 Mombasa.

Petrol/Oil sector

- Somken: Somken are selling 45 petrol stations located in prime urban areas such as Nairobi and Mombasa. Send bids to somken@dyerandblair.com by February 18.
- Kenol: Results are now out for the financial year ended in September 2005. Turnover was up from 34.5 to 41.7 billion shillings and after-tax profit rose from 839m (8.20 EPS) to 916 million shillings (8.92 EPS). The company will pay a first and final dividend of 2.25 shillings per share after their AGM on March 28.
- Shell/BP
Over a year ago I complained to Shell Kenya about the diesel fuel sold at one of their stations that is now closed.

Other News
- Western Union is for sale: it is being spun off by the parent company.
- Newspaper inflation On the same Saturday early this month, both the Standard and the Nation raised the price of their Saturday editions from 35 to 40 shillings.
- Kenyan Pundit suggests that someone should investigate the procurement/source of Alco-blow gadgets
- Things fall apart. The managing director of the booming Panari Hotel has resigned
- The Economist writes aboutcorruption in Kenya
- After a year’s silence John Githongo has returned.
- Richard Leakey argues that for wildlife (and the Kenya tourism sector) to survive the current drought, national park boundaries should be flexible to enable animals to migrate out of parks in search of water and food.

Where to buy shares Redux

Following last year’s post on where to buy shares, an update is now necessary.

I have dealt with and experienced a variety of difficulties at some of the better stockbrokers and investment banks. Ultimately, it is inevitable that other shareholders will also encounter problems with their brokers.

And if their frustration reaches a point of no-return than they may choose to change their stockbroker or investment bank – aka central depository agent (CDA) - by taking these steps to transfer their CDS account to a different broker.

1. Complete and sign CDS 4A and 4B and submit both to current and new CDA (all stockbrokers have these forms).
2. Sign account opening forms with new CDA.
3. Keep signed copy of security transfer forms for own records.

It can take one day for the new arrangement to be effective - if processed before 12 PM. Shareholders can also contact the NSE's business development department (info@nse.co.ke) or send complaints (compliance@nse.co.ke).

Information from a paid advertisement of the Nairobi Stock Exchange

In defence of Mahindra

Several years ago, the Government of Kenya was swindled when a politically connected group procured substandard Mahindra jeeps for the police force which did not run for very long.

Since then, Kenyans have had an unfavourable view about vehicles from India (Tata’s, tuk-tuks, scooters) and other third world countries such as Korea & China (which the government is reported to soon approach for army lorries).

This is unfortunate because Mahindra, Marutti, Tata, and other vehicles produced in these countries are more affordable and probably better suited for our harsh roads than the 8 years old used-Japanese cars that thousands of Kenyans buy every year (am guilty).

We need to get beyond the stereotype that if a vehicle is not European (or now Japanese) in origin, then it must be substandard. The police jeeps were part of a rip-off deal, but India has a wide variety of other vehicles, that if sourced legitimately - such as from local dealers of Tata and Marutti here in Nairobi - can be of great use to the country, and especially to Government departments who continue to waste their scarce resources on expensive fleets of European limousines.

Anglo Currency

One year ago today, The Sunday Standard
reported on an attempt to swing the contract to print Kenya’s currency towards French firm, FranÁois-Charles Oberthur Fiduciaire, which had previously been sub-contracted by Anglo Leasing to print "new generation passports" for the Kenya government. Eventually, De La Rue retained the contract, which they have held since independence.

Airbus to Kenya Airways?

Airbus have set their sights on re-capturing some aircraft orders from Kenya Airways.

The Boeing – Kenya Airways (KQ) partnership has been very successful especially with Boeing’s highly-rated 777 and it looks unlikely that airbus will break the Boeing strange-hold on KQ's fleet. Still, the airline industry is a continuously evolving one and airline order decisions can be determined be whoever can come up with the most creative financing offer.

Boeing has already selected KQ’s main rival - Ethiopian Airlines to be the launch African airline for it’s new 787 aircraft. Airbus can counter that move by buying up KQ’s older Boeing 767 aircraft from the airline and selling Kenya Airways their new all-new A350 instead at heavily discounted prices - as their African launch customer.

Other news
CMC: (distributors of new Volkswagen, ford, land rover, others) The company's turnover increased from 6 to 6.81 billion shillings and after tax profit increased from 263m to 340 million shillings (7.0 EPS). The company will pay a dividend of 1.5 shillings after the AGM to be held Connaught House in industrial area on February 24 at 11 a.m. (Shareholders register closes on Jan 31)

A Baumann: AGM will be held at the Bomas of Kenya on Saturday February 11.

Serena: Kenya Commericla Bank will set up help desks at its branches to assist Serena shareholders in regard to the share swap offer.

Foreign Aid to Africa
- The European Union will set up its own trust fund to disburse aid to Africa without reference to the World Bank which is currently led by U.S. neo-conservative Paul Wolfowitz.
- The US plans to re-deploy diplomats from Europe and send them to developing countries.

Opportunities

Scholarships
Ford foundation international fellowship program will be giving out 16 fellowships to Kenyans (among 47 to East Africans) for studies in any part of the world. Ford will finance tuition, health insurance, subsistence, travel and other costs towards up to 3 years of formal post gradate study. Forms and details can be obtained from this site and the deadline for applications is March 1.

Agriculture
For ranchers: To combat the loss of livestock from the on-going drought, the Ministry of Agriculture and the Agricultural Finance Corporation have launched a livestock- off-take program which targets private ranch owners with surplus land capacity to purchase animals from drought-hit areas. Apply through info@agrifinance.org.

For mid-size farms: A horticultural exporter is seeking farmers in Rift Valley and Central provinces with at least 40 acres of land, year round supply of water, adequate labour, and who are willing to implement EUREPGAP requirements - who will then grow French beans or snow peas for exports . Apply to DNA/615 P O Box 49010-00100 Nairobi by 28 February.

beer distribution
East African Breweries is seeking distributors of its senator keg brand. Applicants must have a pick-up, retail outlet, PIN & VAT registration and be prepared to invest 600,000 shillings in the business. Apply to the head of group procurement EABL P O Box 30161 Nairobi by January 30.

Jobs
Accountant at the Kenya Horticultural Development Program/USAID Applicants should be fully qualified accountants with 5 years experience in budget preparation and financial management, preferably having prior accounts experience with USAID-funded projects. Apply to angela@fintrac.com by February 24.

British American Asset Managers
- Portfolio Manager: applicants must have business degree, professional qualification e.g. CFA and have worked in investment management for 3 years.
- Manager – Intermediary Development: applicants must have business degree with a marketing qualification and 3 years experience in financial services.
- Financial Planning Manager (7 positions): applicants should have business degree, 3 years experience in financial industry e. g banking, insurance, stock broking or fund management.
Apply to baam@baam.co.ke by February 3.

KLSA - Pannell Kerr Forster
- Audit managers: applicants should have a degree with accounting qualification (e.g. CPA, ACCA, ACA) and five years experience at audit firm, providing audit services to different companies as well as posses good knowledge of ISA and IFRS
- Tax Manager: applicant should have degree with accounting qualification (e.g. CPA, ACCA, ACA) and five years experience at a tax consulting firm.
Apply to pkfnbi@klsa.net by 15 February.

KADET Microfinance (a World Vision subsidiary)
- Head of Operations: applicants should have advanced business degree, 10 years experience in banking or micro finance, - at least 5 of which at senior level and be aged 30 – 45 years.
- Human Resource & Administration Manager: applicant should have a business degree with HR specialization and 4 years HR and admin experience at large corporation (age 28 – 45)
- Executive Assistant to CEO: applicants should have university degree, 3 years PA experience and be aged 28 – 35 years.
Apply to kadetrecruit@wvi.org by January 27.

Procurement Specialist to the Government of Kenya micro, small and medium enterprises competitiveness project. Applicants should have 8 years relevant experience, a commerce or business degree with good knowledge of GoK and World Bank procurement procedures and be members of the chartered institute of purchases and supplies (MCIPS). Apply to info@msmekenya.org by 10 February.

Airline: Precision Air (Tanzania) is hiring 10 flight attendants. Apply to pwrecruit@precisionairtz.com.

Gambling: The Panari Center is seeking dealers, inspectors and pit bosses to work at its casino.

Progressive Banking

progressive ATM's
One way of beating the long queues and over-the-counter fees at banks is by operating an account at a bank whose ATM’s enable customers to perform all the basic bank transactions – (i) make withdrawals, (ii) check balances (iii) place deposits and (iv) make transfers – at ATM’s, preferably at no extra charge.



These Bank ATM’s allow deposits
- CFC
- Diamond Trust
- Equity Bank
- National Bank of Kenya
- NIC aka MOVE
- Standard Bank (Stanbic)
- Standard Chartered

ATM’s don’t accept deposits
- Barclays
- Co-operative Bank
- Kenya Commercial Bank
- Kenswitch network (EABS, CBA, Consolidated, I&M, Transnational, others)
- Pesa Point network (various banks)

Schools' footnotes
- In January, some of the most popular/in demand people to know are school headteachers, teachers, members of school’s board of governors and other educationists – who are all called upon by thousands of parents seeking to place their children in coveted and affordable schools.



- Also, girls in Kenya have a huge advantage over boys after sucessfully completing their primary school education. This is because high schools for girls have for many years received an inordinate amount of support (financial, buildings, other) compared to high schools for boys. As a result, girls who pass their standard 8 exams have many more national and quality high schools to choose from compared to boys.

Tuju Da Vinci

No credit?

It seems former communications minister Raphael Tuju forgot/neglected to gazette the merry-go-round appointments of Sammy Kirui (CCK Director General to Telkom Kenya MD) and John Waweru (Telkom Kenya MD to CCK DG). Their appointments have now been sambazed in by the new information and communications minister, Mutahi Kagwe, seven months later.

What’s the word


I am finally reading the Da Vinci Code, by Dan Brown, which appears on most peoples favourite book lists. So far it’s a great story and I am now around the part that takes place in a Swiss bank vault in Paris and has a mysterious funds transfer from the Vatican Bank.

The story reminded me of a book I read many years ago – The Word, by Irving Wallace, which was about the search for a mysterious scroll purported to be a first hand account of the life of Jesus Christ(including his missing years age 12 - 30) that was written by his brother James.

Shares, veges and boxing

Share-woe-lder

The number of complaints about stockbrokers continue to pile up, and while they are not serious enough to warrant official complaints to the CMA (E-mail: compliance@nse.co.ke), they cause great distress to shareholders. some examples; buy/sell orders are not executed on time, orders are forgotten, cheques are not processed on time, shares are sold without orders, shares are not immobilized for months, shareholders are not told about what/when to buy/sell shares etc. Even if one were to switch accounts and join one of the better brokers, the treatment would not be better.

I have found that the best way to avoid some of this frustrations is to insist on having a personal account manager at the stockbrokers' office – who will handle all your personal share matters – one who you can call/e-mail about orders, payments, settlements, share advice etc. Otherwise shareholder frustrations will continue....

veg-inflation

yuck
On Friday I want to have the usual fried fish lunch at my favourite eating house, only to be served cabbage instead of the usual greens along with the meal. I haven’t liked cabbage since high school where I had endured four years of bland servings of it, and when I talked to the owner, she agreed with me completely – cabbage sucks! But it’s all she can afford now that the price of sukuma wiki (greens) has shot up from 300 to about 2,000 shillings a sack, while green leaves now go for around 25 shillings a bunch, up from 5 a few months ago. And while the price of cabbage has also gone up, it will continue to be served until the drought and supply of green vegetable situation in Nairobi changes - hopefully in the near future.

needs an air ticket

Congestina Achieng is an inspiring fighter, who talks tough and backs up her talk accurately with her fists. But I fear that, like many other Kenyan athletes, bad/poor management is going to curtial her promising career. Her decisions to take part in “world championship fights” here in Nairobi that are arranged by her management, while being an enjoyable treat to her fans, are not the best way for her to set up her dream title match against Laila Ali. There's no way Laila Ali will come to fight in Nairobi - where boxing matches are delayed for hours over fees, where managers fleece fans and boxers, where venues and opponents are changed at the last minute, and where fans throw debris into the ring to celebrate a knockdown. If Congestina truly wants to cement her reputation as a world champion, she needs to fly to to Asia, Europe, South America and eventually the USA - to take on their best fighters and champions, and knock them out.

Others bits
- Safaricom has introduced Bamba50 – a 50 shilling credit voucher, matching Celtel's lowest credit voucher.
- High Point Hotel in Lower (upper) Hill (owned by Joe Wanjui) is expanding to take advantage of the resurgent business in the sector.
- Hunting of animals could soon resume in Kenya according to wildlife officials. (Also a pro-hunting opinion piece)

Positive side of Friday the 13th

Bank Jobs

Consolidated Bank
- Head of operations: applicants must have 8 years banking experience with at least 4 at senior management level, in addition to possessing a business degree and professional banking qualification.
- Branch manager: applicant to have business degree and at least 5 years banking experience.
Apply to the head of human resources P O Box 51133-00200 Nairobi by January 31.

EABS Bank
- Chief financial officer: applicants must be qualified CPA who is members of ICPAK and with 3 to 5 years banking experience.
- Chief internal auditor: applicants must be qualified CPA who are members of ICPAK and with 3 to 5 years banking experience.
- Head of ICT: applicants should have an IS degree, 3 – 5 years banking experience and extensive experience with Equinox software.
Apply to the executive director – development, EABS Bank P O Box 47499-00100 Nairobi by January 31.

K-Rep Bank
- senior finance manager: applicants to have master’s business degree and be age 32 – 40. Also be certified financial analysts with CPA (k) or ACCA and with 8 years experience at a financial institution or bank, 3 at senior level.
- branch managers: applicants must be graduates, aged 32 – 40 with at least 5 years banking experience, 2 at senior level.
- advances manager: applicants to have business degree, be age 30 – 35 and with five year advance or loans experience or 2 as a manger. Apply to jobs2006jan@k-repbank.com by January 17.

World Bank
- Education specialist: Applicants must have 10 years experience in education or human development.
- Executive assistant to the country director: Applicants must have 7 years relevant experience.
Apply to the country director, WB – Kenya, P. O. Box 30577-00100 Nairobi by January 31.

Other Jobs

Celtel
- Oracle financial systems analyst & support coordinator - ref FIN-SYS-01/06: applicants must have accounts degree with ACCA/CPA/CIMA certification, plus IT qualification and two years experience in computerized accounting.
- Systems & procedures coordinator – ref FIN-SYS-02/06: applicants must have accounts degree with ACCA/CPA/CIMA qualification plus IT qualification and two years experience in ERP environment.
- Procurement manager ref FIN-PRO-03/06: applicants to have business degree, 5 years procurement experience and members of the chartered institute of purchases and supplies.
Apply to the human resource director Celtel Kenya at hr@ke.celtel.com by January 20

- World Vision
Grants manager: applicants to have business degree with certificate in grants management and at least 3 years relevant experience preferably with USAID grants. Apply to recruit_Kenya@wvi.org by 20 January.

Opportunities

Investment
Zimele asset management is a co-operative with blue-chip management that allows investors to invest in equity, offshore, or money market portfolios for as little as 5,000 shillings – unlike other investment funds whose minumum investment amounts are usually over 100,000 shillings.

Scholarships
- The African Studies Centre, Oxford University, is offering a single full scholarship for the academic year 2006-7 for study on the MSc in African Studies. Details can be obtained by email from african.studies@sant.ox.ac.uk and the deadline for applications is 15 February.

- The Palmhouse Foundation finances secondary education for deserving students who have have gained admission to one of the 17 national schools and who have no other means of getting funds for fees. Kennya Commercial Bank supports the foundation.

- The Jomo Kenyatta foundation is also offering limited scholarships that will finance the high school education of orphaned or destitute children who apply by 30 January. Enquiries can be directed to sales@jomokenyattaf.com

Medical
AAR Health Services is seeking to establish franchises for out patient services in Thika, Eldoret, Meru, and Nyeri. Applicants should be doctors with 7 years practicing experience who own or lease secure premises in town centres on the ground floor with ample parking in these towns. They must be able to pay a fee of 500,000 if approved and be prepared to start operations immediately thereafter. Apply to the general manager AAR Health P O Box 41766-00100 Nairobi by 30th January.

Sports
Saturday 14 January
7:30 a.m. Pakistan vs. India 1st Test Day 2
3: 15 p.m. Man City vs. Man Utd
5:45 p.m. Liverpool vs. Tottenham & Portsmouth vs. Everton & Arsenal vs. Boro
8 p.m. Blackburn vs. Bolton
11:45 p.m. Valencia vs. Osasuna

Sunday 15 January
6 a.m. Australia vs. SA 2nd ODI
7: 30 a.m. Pakistan vs. India 1st Test Day 3
4 p.m. Wigan Athletic vs. West Brom
7 p.m. Sunderland vs. Chelsea
10:45 p.m. Real Madrid vs. Sevilla

Next
16/1 Australian Open starts
20/1 Africa Cup of Nations starts
22/1 Man Utd vs. Liverpool

Excess & jobs

Frivolous bank charge
Two weeks ago I wrote about the hour it took to deposit money into a Standard Chartered bank – with most of the delay being caused as tellers had to count out thousand of shilling notes by hand. And in a follow up today, the bank charged me 180 shillings ($2.45). For what? The wasted hour I spent there?

Jobs
NMB Tanzania
At the National Micro finance Bank of Tanzania
- Manager treasury MT/05
- Zonal manager ZM/05
- Manager, public relations MPR/05
- Manager, employee relations MER/05
Apply through KPMG Kenya’s executive selection division esd@kpmg.co.ke by January 26.

independent financial advisors
At inter alliance international, one of the largest independent stockbrokers in the world and who are licensed as financial advisors in Kenyan and Uganda where they are expanding their offices, in addition to opening a new branch in Tanzania. Apply at africa@recruitsoffshore.com.

Tax auditors
At the Kenya Revenue Authority. Applicants must have a business degree, qualification in taxation, be members of ICPAK and have at least 3 years audit experience, preferably computer systems-related. Apply to the senior deputy commissioner, human resources, KRA P O Box 48240-00100 Nairobi by 27th January.

Dilemma, dream car, jobs, and stuff

Dilemma
I’d like to attend a wedding in Ethiopia next month, but my finances have been absolutely wiped out by unexpected car expenses in December . This will be my first true trip to another African country and it will be a nice chance to see some old friends who I have not met for years. It’s tempting, but wrong to borrow money for a holiday and I am hesitant to organize a campaign to finance the trip. Also, the wedding there coincides with a very important birthday here which I have been warned not to miss. The (lack of) cash factor will probably settle my dilemma as the clock is ticking...

Un-affirmative action
With the just announced standard 8 (KCPE) results and form one selection of students, many Nairobi parents are crying foul that their children who scored excellent marks are being locked out of national schools who are instead admitting students from rural areas with relatively lower scores. The selection system is based on the belief that a student in Wajir who scored about 350 in KCPE would likely have scored 430 if he/she had schooled in Nairobi and therefore is more deserving than a student in Nairobi who scored 420. The system has many supporters (outside Nairobi) and detractors (urban residents, private schools), but now many Nairobi parents are vowing to educate their kids in Nairobi, but for their last year, they will transfer them to rural schools to sit for their exams there – thereby improving their kids' chances of landing a coveted place at a National School.

Jobs

From Hawkins & Associates
Apply online for:
- Director of Operations at East African Development Bank
- Director of Legal Affairs at East African Development Bank

Others are;
- Sales Representative
- Marketing Research Analyst
- Graduate Management Trainees
- Regional HIV/AIDS Advisor

Government of Kenya
Over 980 jobs at various government ministries and the public service will be posted here soon. Closing date for applications is February 3 2006

Kenya Commercial Bank
KCB is hiring
- Head, branch network audit
- Manager corporate communications
- Sales managers
Closing date is January 20 and applications should be sent to the divisional director, human resources, KCB, P. O. Box 48400-00100 Nairobi

Trivia
- Week in ATM’s; Equity Bank’s ATM’s went live this week while KCB and other bank’s machines kept running out of cash. Happened three times when I was queuing.
- The Kenya Power & Lighting Company (KPLC) plans to introduce a premium SMS service
- Hon. Kalembe Ndile as President.

Dream car
The Bugatti Veyron 16.4 as reviewed by the NY Times.



Pros: Fastest, most powerful production car in the world with 1,001-horsepower, 0 to 60 MPH in 2.5 seconds & to 250 in 55.6 seconds, 4 turbochargers, 7 -speed gearbox, 16-cylinder engine, 253 MPH top speed, all-wheel-drive system. Verdict: A checklist establishes whether the car is ready for maximum speed, and if all systems are go, the rear spoiler retracts, the front air diffusers close and the ground clearance, normally 4.9 inches, drops to 2.6 inches.

Cons: Most expensive production car in the world - $1.2 million before taxes, Compact with most of the space inside occupied by an enormous engine, 9 miles per gallon city fuel economy and 18 on highway - at maximum speed, the car would theoretically run out of fuel in 12 minutes, has 10 radiators. Verdict: Embarrassment, injury, a big repair bill or worse await a driver who does not show proper respect.

Follow-ups
I finally sold my referendum newspapers but my expectation of only having 15 kilos turned out to be way off - and I was able to sell off 57 kilos of old newspapers netting 855 shillings (@15/kilo). Actually I had 62 kilos but the butcher admitted that his scale shaved off/under-weighed a kilo from each of my 5 bundles of newspapers.

The road to Mombasa is finally going to get repaired. I hope it is done by a reputable company and built well to last such as the Waiyaki Way dual carriageway which is still an excellent road 15 years after it was built, unlike some other roads which collapse within a year of opening.

Your beer, your pension

Jaindi Kisero argues that the National Social Security Fund (NSSF) should be shut down and then re-constituted as a pension body that can be run without interference from the Government.



The NSSF owns shares in East African Breweries (8.26%) and British American Tobacco (20%) whose sales may suffer some Alcoblow effects. The police crack down on drunk driving on highways is having positive effects – the number of drunks on the road has reduced and there are fewer accidents – but in the process some prominent bars are seeing a drop off in patrons who now prefer to use their neighbourhood or ‘local’ bars where there are no road blocks/or from which they know all the panya routes or short cuts to their homes.

More serious are the proposed new penalties which include an 18 month jail sentence for repeat offenders – in essence you could lose you job and more than two productive years of your life for having one too many beers.

Bank shares in '05

Share prices of financial institutions listed at the Nairobi Stock Exchange in 2005.
Share prices as at: Dec 04 Dec 05 Change
Barclays Bank 203 263 30%
C.F.C Bank 58 75 29%
Diamond Trust Bank 29 32.25 11%
Housing Finance 9.35 13.95 49%
I.C.D.C Investments 60.50 72.50 20%
Jubilee Insurance Co. 59 83 41%
Kenya Commercial Bank 68 113 66%
National Bank of Kenya 17.80 28.75 62%
NIC Bank 50 51 2%
Pan Africa Insurance 21 40 90%
Standard Chartered 128 139 9%

Dividends: Barclays paid 14 shillings per share as total dividends in 2004, followed by StanChart at 6.50 and KCB at 2.50, while other banks paid 2 shillings or less per share.

Other activity: Diamond Trust issued a 1 for 4 bonus share, while CFC had a rights issue in a 1:12 ratio. Jubilee insurance consolidated its African holdings, while a merger at Pan African insurance is pending in South Africa.

Summary: With no capital gains tax in Kenya, shares are still a good way to build savings and earn an excellent return for dedicated investors.