Idea Exchange: Bank, Literature, Journalism, Opportunities, and Win a Free Phone

The Africa AgriBusiness Challenge from Enactus Kenya and Syngenta seeks out youth to generate creative business ideas to improve the agricultural productivity of certain crop value chains. Deadline is June 10.

The 2014 Africa Awards for Entrepreneurship will have five awards to celebrate entrepreneurs at different stages of the entrepreneurial life cycle; lifetime achievement, transformational business, outstanding mature business, outstanding growing business and outstanding social entrepreneur.

The Africa Prize for Engineering Innovation. Details here .. via @calestous.

@AfriCOG Investigative Journalism Fellowship Programme 2014. Deadline is 30 May. 

Anthemis Fellowship seeks out entrepreneurs, executives and thought leaders who are passionate about building an improved financial services industry fit for the digital age. The Anthemis Fellowship program includes 4 months at the Anthemis London office, 4 months with one of their portfolio companies and 4 months with a major financial services firm. It also comes with a monthly stipend of EUR2000 and an invitation to attend the Anthemis #HackingFinance Retreat from July 10-13, 2014 in Meribel, France. Deadline is June 1. 

@APO_Source has had a scholarship for an African journalist to to attend the 2014 annual meetings of the African Development Bank.

Bloomberg Africa ‏@BBGAfrica - seeks Swaziland, Eritrea, Djibouti, G.Bissau, Cape Verde, Eq. Guinea, Sao Tome stringers - Please e-mail asguazzin@bloomberg.net

Citi Africa Management Associate Programme Citi in Africa is  looking for ambitious graduates with strong academic backgrounds, maximum of two years’ work experience, leadership, teamwork, and excellent communication skills.

The 2014 CNN/MultiChoice African Journalist Awards will recognise excellence in culture, economics & business (NEW), energy & infrastructure (NEW), environment, health & medical, news impact (NEW), photography, press freedom, sports, language general news, Francophone news and also Portuguese news. Details here and the deadline is 30 May.

EABL Foundation scholarships for needy students who have gained admission to Kenya public universities. Deadline is June 6. 

Etisalat Prize 2014 for African literature is now open with a top prize of £15,000 and a fellowship at the University of East Anglia, while winner and shortlisted writers also receive a sponsored two city tour promoting their books. Details here and the deadline is 8 August.

The Golden Baobab Prizes for Literature include awards for a picture Book (targeting readers aged 6 – 8 years), early chapter (targeting readers aged 9 -11) and rising writers (for a young African author under the age of 18 who demonstrates the talent and drive to become the next great African author for children). Details here and the deadline is June 29.

Jalada / @KwaniTrust seek 3 best Afrofuture submissions for a second anthology. Deadline is D/L 15

Japan Government scholarships  in research, teacher training, technology, and specialized training .. via @njathika

Want to be a Jameson brand ambassador? Here's how to apply (via @uqweli ) oops - deadline also passed.

KCB: The region's largest bank has ongoing internships, management trainee and management exchange programs. Sourced from @RookieKE blog.

 

Kenya Revenue Authority -  KRA graduate trainee program 2014

The Kenya StartUp Cup is open to all Kenyan youth entrepreneurs who can apply to win Kshs 1 million (~$11,500). Details from the @prepaid_africa blog and the deadline is May 20.

KenyaTop100 seeks successful companies with turnover of Kshs 70 million to Kshs 1 billion (~$12,000)  with 3 years audited accounts to compete and be among @kenyastop100 

Kijabe Forest Trust @KijabeForest  is seeking a new logo design.

Kuona Trust has internship opportunities for students at their offices in Hurlingham, Nairobi. 

The Kwani Trust 2014 fiction workshop seeks to develop new contemporary fiction writers between the ages of 18 and 24 and from outside of Nairobi. To apply, check the website, and send email to submissions_at_kwani.org by May 26.

Orange  has launched the 4th edition of the Orange African Social Venture Prize which will award prizes to four projects; three with grants of 10,000 EUR, 15,000 EUR and 25,000 EUR, and a new special prize of 10,000 EUR. It's open to all entrepreneurs or legal entities that has been in existence for fewer than three years at the time of the competition and the deadline is 19 September.

Power Africa Off Grid Energy Challenge from @USADF and @GeneralElectric Africa offers up to $100,000 to 100% African owned and African managed firms that seek to power up under-served parts of rural Kenya. Deadline is June 20.  

School of Data: Become a School of Data Fellow as they are currently broadening their efforts to spread data skills around the world, and are seeking people who are data savvy, understand the role of NGO's, are interested or experienced in working with journalism and/or civil society, or enjoy community-building.  Deadline is 1 June.

Standard Chartered Bank Fast Track Program: The bank is looking for young graduates to join their management trainee program in several African countries, including Kenya, Ghana, Nigeria, Tanzania, Zimbabwe, Uganda, and several international locations. Sourced from @RookieKE blog

 
The Stanford University Africa MBA Fellowship Program pays for tuition and associated fees (approximately US $145,000) for citizens of African countries with financial need who wish to obtain an MBA at Stanford GSB. Stanford will award up to eight Stanford Africa MBA Fellowships annually. Details here and the deadline is 13 June.

Strathmore University @StrathU scholarships from @imbankke for 10 needy students pursuing various Finance related degree programmes.

Swedish Institute Management Programme‏ The Swedish Institute is launching a new leadership programme for progressive leaders from Kenya,Tanzania, Rwanda, Ethiopia and Zambia - offering a combination of theory and practice in the area of responsible leadership and sustainable business.  Details here and the deadline is June 6.

Total Kenya Graduate Management Trainee Program. The company was is looking for young dynamic graduates.  Also sourced from @RookieKE blog but the deadline was 7 May  

The Wall Street Journal @WSJ looking for entrepreneurial reporter to cover the most entrepreneurial of Africa beats--business, from Nairobi. Apply to @pwonacott

Submit your wikimedia proposals to be included at Wiki Indaba 2014 in Johannesburg. Details here and the deadline is 15 May.

The World Bank Young Professionals Program 2014 seeks highly qualified and motivated individuals skilled in areas relevant to the World Bank’s operations such as, economics, finance, education, public health, social sciences, engineering, urban planning, and natural resource management. Details here and the deadline is 30 June.

 
Win a Nokia Lumia 1320: There are very few comments on the blog here despite the number of daily readers, and many of the comments are from spammers promoting products from far off countries. To stimulate comments, I’m giving away a brand new Nokia Lumia 1320 phone (worth about $400/Kshs 35,000) to the person who engages the most on the site. The phone was an excellent, but unexpected, prize awarded to the winner of the best business blog at the recent 2014 Kenya Blog Awards ceremony. During the month of May, readers to the blog and it's archives, can make as many comments as they want, and I'll respond on some. 

Rules 
1. There are no rules about winning.
2. It's about serious comments, not volume - and blog comments only, not tweets/tags

3. This is personal, and the promo has nothing to do with Nokia  or Nokia East Africa.

4. @Coldtusker is excluded :(
5. An announcement will be made on June 14, and there may not be a winner  if no one is deemed to be worthy.

Shares Portfolio May 2013

Performance: Compared to last quarter and year ago, the portfolio is up 9% in value from February (excluding new investments), while the NSE 20 share index is up is up 7.5% since February 2013.

The Stable

Barclays ↑

Bralirwa (Rwanda) ↑

Centum  (ICDCI) ↑

Diamond Trust ↑

East African Portland Cement ↓

Equity Bank ↑

KCB ↑

Kenol ↓

Safaricom ↑

Scangroup ↓

Stanbic (Uganda) ↑

Unga ↑

Changes

In: Centum, Portland Cement

Out: Total, EABL

Increase: Equity, Kenol, Safaricom

Decrease: None

Best performer: Safaricom (up 30%), Equity, Stanbic  

Worst performer: Kenol (down 29%)

Looking forward to:

- Dividends from Equity, Barclays, KCB, Scangroup, Bralirwa and Safaricom.

- Coldtusker writes about upcoming rights issues at the NSE including Uchumi and National Bank. 

- Still yet to venture into Kenya government treasury bonds a year later.

Other Events:

- Access Kenya is being bought out by Dimension Data and will be de-listed from the Nairobi stock exchange - pending regulatory approval, shareholder approval, and no better offers.

- Citi released bearish reports during the Kenya election on Equity and KCB based on unsustainable interest rates, and growing non performing loans, among other issues in the Kenyan banking sector. 

- Citi also had a report on Kenya Airways predicting two more years of losses, difficulty financing Boeing 787 planes without raising more capital, that is probably beyond the appetite of current KQ shareholders and other NSE investors. It mentioned the possibility of Etihad Airways extending their new code share partnership into an investment in KQ, but the airline has to remain 51% Kenyan owned in order to enjoy preferential African route rights. Other large shareholders in the airline are teh Government of Kenya, KLM airline, and the International Finance Corporation.

- The Safaricom 2013 results (PDF) results released this morning showed that revenue grew by 16% to $1.45 billion (including MPesa revenue of $256 million) and profit before tax grew 47% to $300 million. 

- Umeme of Uganda which cross-listed at the NSE has still not had a trade in Kenya despite some okay performance in the last few months.

2009 Kenya Bank Rankings Part II

10. Diamond Trust (2008 rank 11) : assets of 44.9 billion ($600 million) and nine month profits of 1 billion ($14.2 million). Loans (28.6 b) grew faster than deposits (33.1b), but expenses also grew faster than income. Neck and next with NIC and I&M banks with 44 and 41 billion in assets in position 11 and 12 respectively.
9. Commercial Bank of Africa (7): assets of 52 billion and nine month profits of 1.39 billion. Deposits flat (40 b) but loans (28.2 b) are up 20% this year and with GOK paper up 77%, however income and expenses are lower than 2008.

8. National Bank of Kenya (9): assets of 55.2 billion and nine profits of 1.4 billion. The bank is in great demand with a planned further divestment by GoK which may attract significant interest next year. For 2009, NBK has had a remarkable 40% growth this year, with 27% loans (12 b) and 48% in deposits (41 b)

7. Citibank Kenya (8) assets of 55.6 billion ($742 million) and nine month profit of 2.3 billion ($31 million). while embattled in the US, Citibank had a slow down in growth of loans (22.7 b) and deposits (29.7 b) compared to ‘08 but will still record a healthy +20% growth for year 2009.

6. CFC Stanbic (4) assets of 83.5 billion and nine month profits of 981 million. Bank had no growth in loans (43 b) and assets, but sitting on a load of cash - almost 16b billion (~$214 million)

5. Equity Bank (6) assets of 92.4 billion and nine month profits of 4.2 billion. Equity is still one of Kenya’s fastest growing banks though the 100% growth margins have tapered off to more manageable 30%+ for loans (55 b)and deposits (63 b) as it expands regionally in Uganda and Sudan and continues to roll out unique banking products.

4. Cooperative Bank of Kenya(5) with assets of 98 billion and nine month profits of 2.9 billion. The bank continues its 20%+ annual growth a year after listing and has diversified into investment banking. However their re-jigged executive shareholding following n ESOP is a sore point to be debated further.

3. Standard Chartered 3 with assets of 122 billion ($1.6 billion) and nine month profits of 5.2 billion ($69 million). Despite my earlier negative outlook, stanchart was a late bloomer and has come on strong: significantly, unlike other big banks, stanchart grew faster this year compared to 2008 - with 18% growth in deposit (89 b) and loans (40 b) while profits are up by 40% as income is up 23% compared to just 5% for costs while spearheading technologial products & services to their customers. Also increased investment in government securities by 77% and holds ~ Kshs. 36 billion now.

2. KCB (2) assets of 163 billion ($2.17 billion) and nine month profits of almost 5 billion ($66 million). KCB group is larger than Barclays in assets (185 b to 168 b) but has a smaller asset base than last year. In 2009 deposits (133 b) and loans (93 b) are up over 20% but profit is up just 3% - income is up 11% but expenses are up 15%, as KCB continued its expansion, opening six branches in November and also expanding in Rwanda Uganda, South Sudan and soon to Burundi. The bank also continues to weather occasional storms against it sustainability with triton and now Kenya planters coffee union.

1. Barclays Kenya (1)assets of 168 billion ($2.25 billion) and nine month profits of 6.63 billion ($88 million) . Barclays shrunk by 2% compared to growth of 17% a year ago with lower deposits (123 b) and loans (96 b) compared to a year ago but with profits ahead of last years pace, perhaps boosted by GoK securities investments which are up 23% this year.

2008 Kenya Bank Review

What happened in 2008?
See also half year. (who?, what? means no news of note)

ABC: (25) who?, what?
Bank of Africa: (18) Quiet expansion becoming big in asset finance and the bank of choice for French interests, with a new club for small business owners
Barclays: (2) steadying their 2007 rapid growth and expansion in the retail sector, launched two tranches of bonds at affordable prices which made CBK notice and will go into mobile messaging next year
Baroda: (14) Going retail, and opened new branches, no longer playing safe and investing less in GoK securities
CFC Stanbic: (4) merger (takeover) by Stanbic formalized. Collapse of small brokers a boon as they are seen as being safe(r). Will open branches and may need to raise capital next year. Note: If the merger had been planned this year (instead of last) it would have cost ½ as much
Chase (22) one of the fastest growing banks in ’08, ventured into stockbrokerage, but may need to raise capital next year
Citibank Kenya: (8) best return on assets in sector, but with aggressive off balance sheet. Still unclear how much parent troubles will impact subsidiaries in Africa.
City Finance: (43) the country’s smallest bank effected a capital reduction. New owners yet to settle in, but may achieve a slight profit this year
Commercial Bank of Africa: (7) would be a beneficiary of American business interests following Citibank woes, if it didn’t also own 1/3 of equally troubled AIG Kenya. Also CEO got caught up in Uchumi corruption case and may need capital next year.
Consolidated: (31). Cabinet has approved sale for next year and the deposit protection fund has always planned to exit. 2008 will mark the third year of (modest) profits for the bank, so its eligible for an NSE listing or IPO
Cooperative: (5) went ahead with an IPO and NSE listing late in 2008 in a difficult market to raise capital for expansion
Credit: (35) who?, what?
Development Bank of Kenya: (26) in play next year as GoK (ICDC owns 90%)plans to sell shares in the development finance institution to the public or private investors
Diamond Trust: (11) continued regional expansion with more investments in Uganda and Burundi, and also had a second rights issue to raise capital.
Dubai (42) quiet year, will make a loss
Ecobank: (19) arrived in Kenya big and are setting up retail presence (nairumor that they are the bank Equity emulated to succeed). Came up short in a (huge) pan-African capital raising move, but plan to enter stockbroking next year
Equatorial: (30) activated investment banking wing, but denied they were being sold to Libyan investors
Equity: (6) stellar growth continued though January ’08 showed an exposure to political undercurrents. Bounced back with branches in Nyanza, agricultural products and participation in the Safaricom IPO. Bought a Ugandan bank and are investing in S. Sudan in a diversification move they hope to take their model (bankign the unbanked) to more African countries.
Family Bank: (20) quiet year, but income tripled in ’08 and new CEO was confirmed
Fidelity: (33) who?, what?
Fina: (21) the Rwanda turf was invaded by a host of other Kenyan banks led by KCB. Continued a much heralded focus on SME‘s and expanded into Uganda.
First Community: (40) the second Shariah bank got off to a much quieter start than Gulf and will record a major loss this year from setting up operations.
Giro: (27) who?, what?
Guardian: (28) who?, what?
Gulf African: (36) new Shariah bank seems to be well received and respected by business people. Opened several branches and will also assist the GoK youth fund with loan products, but will make a loss this year from start-up costs.
Habib AG Zurich (24) who?, what?
Habib Bank (34) who?, what?
Housing Finance: (15) had a fully subscribed (just) rights issue that raised Kshs. 2.4 billion and Equity Bank now own ¼ of the institution.
Imperial (16) who? what?
India (17) who?, what?
I&M (12) new formal name for the former investment & mortgages bank, also got new shareholder capital (two euro dev banks) and opened new branches
KCB (1) Kenya’s top bank this year had another rights issue, rebranding and supported expansion to Uganda, Tanzania, South Sudan in addition to being cross-listed.
K-Rep: (23) surprising loss will be recorded as it appears the post election violence impact small enterprises they financed.
Middle East: (38) who?, what?
National Bank of Kenya: (9) went big in the Safaricom IPO (and to a lesser extent with Co-Op). Some activity expected nest year as the government and perhaps NSSF shares may be in play for a strategic investor now that their balance sheet is largely cleaned up
NIC (10): rebranded again this year, phasing out MOVE and establishing new branches as a one-stop shop for corporate, asset finance, investment banking (acquired Solid Stockbrokers) needs.
Oriental: (41) former Delphis bank should have an operating profit this year
Paramount Universal: (39) who?, what?
Prime: (13) a year of rapid growth for this bank, big with Asian business owners, but may need to raise matching capital next year
Southern Credit: (29) who?, what?
Standard Chartered: (3)steady, least aggressive of the big banks in Kenya went after the retail crowd this year with personal loans, cards and youth accounts. Will launch mobile app next year
Transnational (37) who?, what?
Victoria: (32) who?, what?

Major Stories
1. CBK eternally optimistic governor, lowered bond prices, lowered cash ratio and – but statistical /economic forecasts called into question, and mired in sale of the Grand Regency Hotel
2. Safaricom the bane of banking sector was M-pesa and the company’s IPO
3. Capital raising: through rights issues, private placements and IPO (Co-Op) more are expected

Coming soon
banks expected in 2009
- UBA
- Faulu or KWFT

Bank waters

In the pool

Diving in: Another West African bank giant UBA follows Ecobank after apparently having secured a banking license to operate in Kenya. 

Treading in the shallow end: Still finding their ground are the new Islamic Banks - Gulf African and First Community that started business last year. They are likely to be the only banks that will record losses of at least Kshs. 200 million each as their new branches and staff continue to reach out and educate customers on a new way to bank. 

Had enough swimming?: 

(i) Morgan Stanley who were supposed to introduce long-term foreign investors to Kenya with a five-year window or longer, but instead brought in short term investors at the expense of the Government and othre investors who took out their profits in a week. Another lesson learnt a long way back from the IPO.

(ii) The Kenyan unit of Citi is on track to rake in profits of $50 million this year on the back of aggresive trading, but will it be enough, or will it be bled off by the parent unit? And who would buy it and its lucrative American interest-linked business portfolio?

Safaricom IPO: Day 2

Apply online: For Safaricom shares, check out the Official IPO site from Citi

Bears bleed
- NSE Bears: For the second day of the Safaricom IPO era, only 3 NSE shares rise, same as on Friday, while the rest drop or are flat.
- Farewell: To Bear Stearns sold for $2 a share, down from $170 a year ago and 7% of what it was worth on Friday.

Vultures circle:
Beware of loans for shares
- Equity Bank offering up to 80% finance for the Safaricom IPO
- Fanikisha account from Transnational Bank offering 70% finance towards the IPO

edit - We've been Punk'd!
Corporate blog: A big salute to Equity for breaking another milestone - presenting the first official bank blog - here's the Equity Bank Blog. a WIP, but keep it up, stay strong, relevant, and up-to-date
Thanks JP for looking out

Bankers' post-election assessments

Citigroup (CITI)
- Limited impact on economy if political crisis is resolved. It Matters little to the economy who won the election as private sector will continue to drive growth
- Share sell off at NSE could be a good buying opportunity as economic fundamentals unchanged
- President will use police and military to clamp down on protests which themselves will not last more than a few weeks
- Parliament loyalties will be split by president as MP’s vote with their stomach
- There’s little the international community can do besides pushing for reforms.
- Also in the pre-election period, the opposition may have been falsely buoyed by opinion polls which are not sound (& could the same thing have happened to Obama in New Hampshire ?)

Renaissance Capital (RENCAP)
- Crime wave has emerged under the guise of political riots
- Government may take all 12 nominated seats in parliament
- Reemergence of the civil society and NGO’s as source of political pressure and search for solution
- Main threat is if two parties don’t agree so may revise down the 6 – 7% GDP projections.
- Also prices have not factored in the chaos, so investors should hold off on buying.

Thanks to Silaha for the 2 reports – and who has also blogged some post-election predictions for Kenya

Treasury Officals:– from Business Daily
- Damage on the economy could cut the projected growth by as much as a half, if not worse.
As agricultural, financial services and tourism sectors are likely to under perform
- Treasury could be forced to craft a stimulus economic package to help reconstruct the affected regions and
- Lower the interest rates in the economy.

Central bank Governor - from Reuters
- Kenya can still achieve 8% growth in 2008
- Disruptions were temporary and will have a major impact on GDP growth
- Shilling’s depreciation was due to holiday period
- Safaricom IPO in first quarter of 2008
- Interest rates will not change

World Bank
(Hat tip Kumekucha) There’s a controvery brewing of the World Bank’s assessment of the election and resultant crisis

Excerpts;
- The considered view of the UN is that the ECK announcement of a Kibaki win is correct. More irregularities of consequence on the Odinga side than on the Kibaki side.
- The process of arriving at the result created a crisis of confidence due to missteps by (a) the ECK chair (who joked about possible rigging during a news conference), (b) the vocal EU observer who was not thorough and precise in analyzing information provided to him (c) the lack of preparation by Kibaki’s party in dealing with a highly media-savvy opposition.
-Moving forward. One option being explored is getting them to agree to a recount which, by law, has to be done through a petition to Kenya’s High Court. Eminent persons from abroad would monitor this recount. Meanwhile, Kibaki would proceed to form a Cabinet, possibly with some participation by Odinga supporters. It is unclear what would happen if the exercise arrived at a different result from the ECK decision. The gamble is that this would not happen and that even if it did, both sides would have a face-saving way to accept a change in course via-a-vis their supporters

This is not the first time the first time that the land-lord-tenancy arrangement between the President and the World Bank has been put to question – see here and here

Finally;
Not sure if she’s a banker, but Kenyanentreprenur argues that what Africa needs are development minded dictators since we are not ready for democracy – and i hope we won’t be having this debate in 2012!

My own take is that the people at the Coast, Nyanza, Rift Valley and Western provinces need to start rebuilding their lives and their industries - otherwise they will be left behind. Rioting in your own community is dumb as you destroy businesses that deliver services and create jobs within the community. So pass that message along with any peace & sympathy messages you convey. Also watch NTV's great Voices of Reason program on Youtube that looks at pre- and post-election issues (more on that later).

Bank Review '07: Part III

Middle of the pack

20. (20) Fina Bank: Estimated assets of 7.6 billion ($108 million) and profits of 90 million shillings ($1.3 million), with growth of about 20% from a year ago. Opened upcountry branches in Kenya (Nakuru, Mombasa, and Eldoret) and will start branches in Uganda next year, bridging the Fina to their existing Rwanda operations.

19. (22) Family Bank: Estimated assets of 9 billion and profits of 220 million in 2007. Known as Equity Blue, it has enjoyed similarly rapid growth (though slightly less this year) since converting from a building society to a bank. It has followed Equity's footsteps, applying for the same exemptions granted to Equity - such early as admission to the clearing house and permission to issue chequebooks. It has also opened branches at a fast rate and its paperless banking model and women-entrepreneur loan models are a hit with rural Kenyans. But, in the year in which they converted to a Bank, they also lost their long serving CEO over board dispute and got sued by a Central Bank official who their Chairman had accused of being corrupt.

18. (18) EABS: Estimated assets of 9 billion and profits of 15 million. Teething pains continue at the former building society which converted to a bank three years ago, and had growth of about 5% in 2007.

17. (17) Housing Finance : Estimated assets of 10.5 billion and profit of 120 million, with loans 15% up from a year ago but assets only 2%. The bank tried to merge with Development Bank of Kenya, and later raise cash in a rights issue, but both plans were scuttled by regulators; later the board signed to sell a 25% stake to Equity Bank. HFCK and S&L (owned by KCB) are still major players in the mortgages sector which is becoming a crowded field with newer entrants Stanbic and Standard Chartered. HF also lost a class action lawsuit filed by customers over illegal bank charges.

16. (19) Bank of India: Estimated assets of 11 billion and profit of 500 million for quiet bank that grew at about 25%. Does a lot of India related business and Kenya government securities.

15. (16) Imperial Bank: Estimated assets of 11.5 billion and profits of 600 million. In 2007, the bank grew about 40% as it launched shariah banking, asset finance, children’s accounts and opened new branches at the coast.

14. (14) Bank of Baroda: Estimated assets of 14.9 billion and profit of 600 million for quiet bank that grew at about 25% and does a lot of Kenya government securities investing. It has been in Kenya for 52 years

13. (15) Prime Bank : Estimated assets of 15 billion and profits of 350 million. The fast growing bank will consolidate with affiliate Prime capital company by year end leading to a much larger bank in 2008.

12. (11) Investment & Mortgages: Estimated assets of 30 billion and profits of 1.3 billion. Fast growing bank also diversified into shariah banking, custodial services and also acquired two new euro bank shareholders.

11. (12) Diamond Trust : Estimated assets of 31 billion and profits of 950 million. In 2007 the bank grew about 45% as it opened several new branches, had a second rights issue in less than a year and also acquired a majority stake in Diamond Trust Tanzania.

10. (8) NIC: Estimated assets of 34 billion and profit of 1.1 billion. The bank grew at about 30% in 2007. It had a rights issue, rewarded shareholders with a bonus, went into custodial and investment banking (acquiring a stockbrokerage firm). But the market leader in asset finance also faced increased competition from other banks in this field and was dropped from NSE share index in favour of ICDCI.

9. (5) Citibank Kenya: Estimated assets of 38 billion and profit of 1.9 billion shillings. Otherwise a flat year for the bank whose parent faced her own troubles in the US banking meltdown. Growth was about 5% as the bank got into the local IPO advisory races.

8. (6) Commercial Bank of Africa: Estimated assets of 40 billion and profit of 1.4 billion. Growth of 9% from a year ago got into unit trusts, home loans, insurance, and funding of women projects. Similar to CFC and would be prime candidate for a merger.

7. (7) National Bank of Kenya: Estimated assets of 45 billion ($645 million) and profit of 1.4 billion shillings ($20 million) for 2007. NBK finally had its most of its non- performing portfolio debt albatross sorted out with a government bailout in the form of bonds maturing over the next 10 years. Now that its cleaned up, it could once again be a target of Stanbic again who two years ago offered to buy out NSSF’s 48% after their CFC merger is done in 2008 (Equity Bank is a also long shot). During the year, NBK partnered with Standard investment bank offer stockbroking services through NBK branches and also tried to have businessman Ketan Somaia jailed over an unpaid debt to the bank

Jobs

- Chase Bank; Head of ICT, senior manager operations, head of trade finance. apply by snail mail to the Head of HR 28987-00200 by 29/2
- Cabin crew at Emirates airlines
- Fina Bank Uganda: The bank is starting operation in Uganda in January 2008, and those interested in working there should send detailed CVs to hr@finabank.com.
- tough job - Head of marketing & corporate communications at Kenya Airways apply online by 15/1