Monday, April 16, 2007

Knocking on bankings' door

Family Bank: Family Finance will be the next bank licensed in Kenya within the next month as the building society will covert into Family Bank. Some have called the fast rising institution and Equity clone with better stripes but it will fit in as the 22nd largest of Kenya’s Banks.

Gulf African: Also in the running in 2007 is Gulf African Bank which is backed by a consortium of Middle East financial institutions.

MEGA bank: Interesting read here on the challenges and plans of the proposed MEGA bank.

mega bank # 2
CFC's share price has stabilized after the initial confirmation of talks with Stanbic. It has since steadily risen as proper analysis of the proposal merger has been taking place.

mega bank # 3
Will criticism by the SA Central bank governor scuttle part two of the Barclays Absa deal?

mega bank # 4
Is Nakumatt a Bank? It follows in the path of Wal-Mart but has not indicated any such leanings. However an organization that takes in over 70 million shillings a day ($1 million) and doesn’t have to pay its creditors for 30 days has to be a major player in the banking and investment world.

edit
Ecobank here soon too.

finally a non banking story but a major corporate headache as Ribena (remember mothers who care trust Ribena? ) may not all that it advertises itself to be!

6 comments:

MainaT said...

Equity has superior IT, management and products.
Mega (Mt Kenya) bank-isn't this an idea that is like 30 years too late?
CFC/Stanbic-my humble opinion is that this merger could be a serious competitor for Stan Chartered position as 2nd most profitable bank in Kenya and the best corporate bank in Kenya.

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coldtusker said...

Nakumatt is not a "bank" by any means... even if they take in (Gross) $1M per day but eventually they have to pay:

KRA - Vat & taxes
Suppliers - Payments
Employees - Wages
Landlords - Rents

So at MOST they have $30 Million... and these are short-term or rolling funds.

Note that most are paid on a rolling basis thus today's cash is used to pay x number of creditors NOT accumulated till the 30th.

Otherwise they would be pandemonium at Nakumatt every 15th & 30th!

Michael said...

I agree CFC-Stanbic is one to watch.
There is room for the likes of Family Finance and Mega(maybe)as there are still oppotunities in the low income end of the market.

Anonymous said...

Bankelele...wasn't there some rumors that Family Finance was goibg to issue an IPO to members after they transformed into a Bank. Thanks.
Http://swahilijowe.wordpress.com

Anonymous said...

Bankelele...wasn't there some rumors that Family Finance was goibg to issue an IPO to members after they transformed into a Bank. Thanks.
Http://swahilijoe.wordpress.com

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