Thursday, August 30, 2007

Bank Sold

Name this bank?
The deal of the year brings together Stanbic and CFC Banks merge together and is expected to be finalized next month with only Central bank and CMA approval left.

The combined, but yet to be named, bank will have assets of over 55 billion shillings ($800 million), deposits of 43 billion, loans of 30 billion and a pre tax profit as June 2007 of 934 million ($14 million)

Mzalendo bank account
Commenting on the report on bank charges released this week, The Governor of the Central Bank called for a Mzalendo bank account which would probably be akin to mzansi from South Africa which is a low cost account at several banks (with wide branch networks – e.g. KCB, Equity, Postbank) that has similar features and charges at all the banks

banking is not cheap

A recent report released on the banking sector shoed that banking not cheap is not cheap for most account holders .

This should not be a surprise to the public who read about the bank profits or the authorities who are sent all charges and tariffs by the banks each month

There’s already been grumbling from research firms ho say a local firm could have carried out the survey and some banks who say the report is inaccurate.

Earlier, some advertised banking is unexpectedly not as cheap


3N said...

I read about the Mzalendo type of account in SA and I think it could be the perfect answer to bridge the gap for non-banking Kenyans.

propaganda said...

Looters! Thieves! Investigators find Moi, sons and friends stole billions, cavorted with real Italian mafia, threatened to violently defend looted property!

Gish said...

Mzalendo accoutn would be great but then it will depend on what services are offered for the flat rate of whatever. Still be on the lookout.

pesa tu said...

Mzalendo Account is what we need in this country.
I guess the Bank will definitely have STANBIC somewhere in its name

bankelele said...

3N: I agree

propaganda: reading the report this weekend. I see the hand of Githongo

Gish: a standard basket of services including ATM and SMS banking

pesa tu: I guess you brand it whichever bank is stronger (Stanbic global brand), but none of their names are that significant

propaganda said...

The name will be CFC Stanbic Bank.


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