Capital Market Awards: These took place late in January 2011 and were organized by Think Business who also organize awards for the banking and insurance industry. The awards gained notoriety when they started a few years ago when the regulator capital markets authority (CMA Kenya) complained about their implied association /endorsement as a result of the name.
Some of the winners this year included;
Custodian of the year: KCB
Bond deal of the year: Housing Finance
Stockbroker of the year: Genghis Capital
Fund manager of the year: Genesis Kenya
Legal transaction advisors: Hamilton Harrison & Matthews
Unit trust: British American (which was launched 5 years ago)
Research team: Kestrel capital
Lead transaction advisor: Dyer & Blair
Investment bank of the year: Dyer & Blair
D & B director Jimnah Mbaru mentioned that they had used Hamilton Harris & Matthew in most of their deals, and had been represented in several deals including NIC (Uganda), Bralirwa (Rwanda), CRDB (Tanzania) and the largest was KPLC in Kenya which was a complex deal. He added that its not just technical know-how that wins them deals (everyone had talented transaction employees) but it's a more about relationship management and understanding people, politics, social economic (and that many runners up had recruited staff from D&B). But he also spent 5 minutes telling what looked like it was going to be a very funny accounting or golf joke, only that it turned out to be one everyone knows as it ends with a lawyer answering 'how much do you want 2 + 2 to add up to?'
The CMA awards were mostly deserved, but there are a few glitches that were evident:
- The organizers insisting on presenting awards (best performing NSE company won by British American Tobacco) that were not voted or verified by the auditors (who stated this before the award was given)
- Some categories listed had no entries (IPO of year, Chairman of year, PR transaction advisor), or two winners in same category (CEO of the year shared by Nasim Devji and Martin Oduor Otieno) and some prizes winners not showing up.
Other Awards up for grabs
- Poptech: Nominate a Poptech Social Innovation Fellow
- Property Awards: Organized by Property Expo Kenya, these take place on February 24 at Sarit centre and will award property developer of the year, real estate agency of the year, mortgage company of the year and real estate journalist of the year
Other Media Awards include
- Diageo Africa Business Reporting Awards
- East African media awards by East Africa Business Council
Showing posts with label HFCK. Show all posts
Showing posts with label HFCK. Show all posts
Saturday, February 12, 2011
Award Season
Monday, October 18, 2010
Real Estate Moment
Buy Buy Buy Many signs are pointing on the need to invest in property/real estate; from a mentor who says that land is the only commodity that is not increasing, to Dr. Laila Macharia, who in her TEDxNairobi talk said the boom is yet to come. NSE listed Centum Investments now has real estate projects on Uhuru highway and at Runda, and even a local reality show star (runner up in Tusker Project Fame) Nganga said in an interview, that if he had won, his Kshs 5 million ($62,500) would have been deployed into real estate.
Also, last week Hass Consult and CFC Bank released a report showing that real estate outperformed stock market in returns; I'm yet to find the report, but a post in 2006 shows that the debate of shares verbs property returns is not a new one.
Money flows in real estate? A lawyer who specialist in commercial law has found herself doing more real estate transactions – and is surprised by both how much money is being invested in land deals and how expensive Kenya is compared to south Africa – e.g. a 120 million Nairobi Muthaiga property, can be trumped by a better one or Kshs 50 million in Cape Town.
Is land over-valued? A notice board had these ads of land for sale last week - 10 acres in Isinya for Kshs 5 million, 2.3 acres in Karen for Kshs 14 million, 30 acres in lanet for Kshs 40 million, 100 acres in naivasha kedong at 60 million (600,000 or $7,500 per acre), 1005 acres in ruiru for 301 million (310,000 or $3,825 per acre), 1,295 acres in thika for Kshs 1.1 billion (i.e. Kshs 850,000 or $10,400 per acre) and 250 acres at 20 million per acre in ngong road.
The recent prices are subject to much debate Is it simple demand (for 500,000 homes a year) & supply (150,000 new houses built a year in Kenya)? Is it Somali money or foreign investors & donor agencies, or is Kenya an investment Mecca for the east Africa region?
Banks are tempting: Last weekend the annual homes expo was held at KICC and present were several bank exhibitors: For comparison, a Kshs 10 million ($125,000) mortgageloan can be obtained from Barclays (at 12% up to 20 years at 110,039 per month), co-op (at 13% up to 20 years at 117,157 per month), Equity (at 15% up to 10 years at 161,335 per month) Housing Finance (up to 20 years at 137,257 per month), and National Bank (up to 20 years, subject to retirement age of the borrower). Most give up to 90% finance, and advise borrowers to factor in 5 - 9% for closing costs.
Housing Finance wrapped up a mortgage bond offer that realized Kshs 7 billion ($88 million) against an initial target of 5 billion. The bank has been in turnaround mode, gone from cost/income ratio in 2005 of 73% to 58% in 2009 and non-performing from 35% to 4% over the same period, and has fended off interest from Equity Bank. The Bank’s MD also called for the Capital Markets Authority to green light real estates investments trusts (REIT’s) as the bank also became the latest corporate to join the world of twitter (@housing_finance).
But few are biting: How many mortgages in Kenya? A central Bank of Kenya source says there are only 14,951 mortgages, in a country of 38 million people. (0.04%) with a total value of about Kshs 60 billion, for an average mortgage of Kshs 4 million ($50,000) Samuel kantai – so banks are not the source of real estate developments.
Any other thoughts on real estate?
Thursday, April 29, 2010
Housing Finance 2010 AGM
The 2010 annual general meeting of Housing Finance (HF) took place on April 28 2010 at the Bomas of Kenya. It marked the end of an interesting month for the bank which was featured in media stories of a boardroom coup as well a merger talks with Equity Bank. The AGM was chaired by Steven Mainda (who has been Chairman for a few weeks) and featured Frank Ireri the MD of the company.
Hot-button: Issues revolved around Equity Bank and the dozen shareholder questions were mostly on the subject.
- Merger or not?: Perennial shareholder A. Chami set the ball rolling as the first (as usual) questioner praising Equity and calling for a merger. He noted that it would save marketing costs and enable HF to sell their products deep in rural Kenya (where Equity was) not just urban centres. He heaped blame on the previous anchor shareholder CDC (UK) for their years at the helm which were marked by no dividends.
Chairman replied that HF had an opportunity of a lifetime after 44 years to sell products across Kenya and even in Sudan (pointed out that director Prof Shem is chair of Equity-Sudan) and wanted to get value, for shareholders who had invested in the company. Later he seemed to step back from these remarks (on the HF board leaning towards a merger) and after more pressing questions they became now adamant that it was collaboration with Equity, Britak and other shareholders like NSSF (3rd largest) that would continue, and wondered where the media got the merger talk!
- Directors said they had invited Equity and Britak to invest in HF, and have since collaborated with Equity in terms of funding (notes show a 700 million loan from equity), and shared services (Equity handles all clearing for HF) as well as with Britak with products e.g. Home Freedom - in which one can use up to 60% of a pension to get a 115% mortgage (that is inclusive of the ~20% home mortgage closing cost)
- How will Equity work with HF when they are competitors? Chair said Equity is a commercial bank, while HF is a mortgage bank and it was going to work with shareholders like Equity, Britak and partners like Shelter Afrique.
- Equity strong arm? one shareholder warned that Equity had muscled its directors onto the HF board making a merger inevitable while another added that shareholders at National Bank of Kenya were already getting jittery about Equity’s interest. CEO replied that it was an unfair charge leveled at Equity - noting that they only had the 2 directors entitled to them, as did CDC, the previous anchor shareholder. He added that when CDC showed they were not actively interested in investing in HF, the Board went out seeking new anchor shareholder and talked to 16 banks, before they picked on Equity/Britak.
Past Board Promises: One shareholder complained that the board is making another big promise today (w/Equity) while other big promises in the past have turned out to be duds – they were promised big dividends which never materialized, then took part in a rights issue that cost Kshs. 20/share and subsequently shares dropped to about 14/=. CEO replied that they are serious this time, and they paying about ½ the profit as dividend; on the rights issue, he said it was held in 2008, after which came some NSE challenges (he mentioned post-election, but should have mentioned stockbrokers collapsing) and global crisis - during which all NSE shares had dropped, some by as much as 60%. He said the share is now back above Kshs. 20 today
Risk Controls: Are risk & credit controls strong enough to prevent a mortgage meltdown like US? CEO mentioned they are careful about lending only to those able 9and willing0 to repay loans, noting they had brought down NPA’s from about 80% or 8 billion in 2004 to half a billion in 2009. chairman added that a strong Central Bank and Governor would not allow Kenyan banks to go down that road of lending to people unable to pay (on the hope that rising home values would plug the gap). Separately the Chairman warned off a shareholder who advised the bank to seek off-shore assistance, with the dreaded word ‘Madoff'!
Dividend: One shareholder compared this to being as useful as a glass of water while the bank spent big on expensive corporate social responsibility, while another asked why it could not be higher as the bank had reserves of Kshs. 2.8 billion. CEO said they have been paying increasing dividends over the last 3 years.
Director elections: Earlier a shareholder had asked chairman Steven Mainga how he had ended up there. Director Peter Munga who doubles up as the chairman of the HF Board nominations committee (but is better known as the Equity Bank chairman) drolled through the new chairman's exemplary CV, and revealed that he was picked from a database of distinguished Kenyans (huh?). During elections, most shareholders walked out to get lunch and the media rolled up their equipment - seems they had they come for news of Equity that the Board was not going to disclose more.
The Chairman and Prof Shem Migot-Adholla (Equity director) were later confirmed as directors, but not so for the previous chairman Kungu Gatabaki, and director Naftali Mogere, who while listed on the agenda for elections, had tendered their resignations earlier in the month. The former two had been appointed in April 2009 when two others resigned - Helios/Equity’s Babatunde Soyoye and the Permanent Secretary (Government of Kenya)
Shareholders also amended the HF company articles to allow for use of newspapers, e-mail, and the company web site for the shareholder news & notification as well as publishing of annual accounts. They also approved for HF to consider electronic or mobile payment of dividends.
Goodies: While one shareholder said there were no gifts, the company was rather generous to whatever number of their 31,097 shareholders who showed up. They got a lunch-box from Panafric Hotel (juice, yogurt, cold roast chicken, sausage, apple, sandwiches (cheese & cold beef), boiled egg. HF also hired buses to ferry shareholders from downtown Nairobi to the AGM venue - about 5km away
Monday, April 26, 2010
Real Estate Moment
The 11th edition of the Kenya homes expo was held at KICC last week. Here’s recap of that and other real estate on-goings
EXPO: Seemed smaller than the expo last time at the expo, with not as many properties, and more interior stuff like tiles, security, solar vendors. some notable developments included:
- Chinese built Jacaranda Gardens [2br for 5.7m, 3br for 6.6m and 4br apts off kiambu road & northern bypass], - - Nairobi Game Park Apartments [3br apts for 10.95m - located south of the northern bypass below GP Karting/Carnivore (is that in the park?)] by Homesearch (info@homesearch.co.ke)
- Tamarind Meadows (mlolongo) [3br from 6 to 8m] by Tamarind Properties
Family city estate kiambu 4br town houses for 1.5 – 2m
- Edenville (kiambu road) [3 br villa for 10.5m, 4br villas for 12.5 - 14.5m]
by Hass Consult
- Bellevue apartments [2br for 7.8m, 3br for 8.5m] by Villa Care
Not at the expo were new developments in the sector including:
- New golf estates at Vipingo Ridge and Green Park.
And listed in the Kenya Gazette are new real estate developments planned including
- A gated community in Nairobi’s Eastleigh with 569 luxurious 3-br apts with common Masjid, Madrasa, and recreational area
- River Park Estate (Mavoko) which will have 318 4-br maissonettes, and 51 3-br bungalows
- Another one at Mlolongo Weigh Bridge with 96 3-br units with servant quarters.
Financiers: at the Expo were the usual banks present including:
- Housing finance had their Makao Homes for anyone with land looking to build a home. It has construction finance, approved building plans, structural drawings, BQ’s, loans up to 20 years for individuals, 10 years for companies. Interesting pointer is that closing costs are 5% to 9% of home value, something no matter which bank one borrows from, and one which many buyers are not prepared to pay. Loans can also be accessed by investment groups, for plot purchase and construction.
- CFC Stanbic have equity release loans of 90% of home value
- Barclays loans start at 13% up to 20 years and 90% of home cost. They also have equity release of up to 70% on charged property and 50% on unencumbered property, and buy mortgages finance by other banks.
- Savings & Loan (KCB) has mortgages up to 25 years for individuals, and 10 years for companies and investors – and rates are 15%
- New to the mortgage sector is Consolidated Bank with mortgage loans (14.5%, 15 years) and commercial construction loans (15%, for 2 to 10 years)
- Absent were National Bank who started mortgage finance just few weeks ago and Equity Bank.
Mortgage Shake-Up: Equity Bank has muscled in at Housing Finance and shaken up the board, now led by a new Chairman more amenable to Equity’s vision of having low cost mortgages across Kenya. More here
Kenya Property Bubble
Blogger Pesa Tu had a posts on if the Kenya’s property bubble has burst with signs like
-Property sellers not providing indicative prices
-Compression of rental yields
-Rise in furnished apartments
Read more on the post here
Also just released is the latest quarterly report on the real estate market by Hass Consultants which while showed that real estate was sluggish n the first quarter of 2010. Hass also has a nice summary of the investment potential of different Nairobi neighbourhood
Thursday, April 09, 2009
Mostly Equity – Suspensions & Housing Evictions
Equity suspended: Equity Bank was briefly suspended as a Central Depository Agent by the Central Depository & Settlement Corporation (CDSC). They have smartly escaped unscathed without answering any charges owing to:
- Playing one regulator against another the. The Capital Markets Authority (CMA) immediately reversed the ban, and reinstated Equity while terming the CDSC action as being against procedure
- By invoking the ‘small investor’ Equity said that they were in trouble because they had reached out to the small investor, lending them funds to buy Safaricom shares without collateral, and some people did not like that
Lost in the story is
- Equity split shares were supposed to start trading on April 14, but have been trading as split prices and have appreciated about 40% since the announcement
- The spat makes the CMA and CDSC look bad; by having a turf war (PDF) and fighting in public both claiming to fight for the integrity or interest of investors
- Why won’t Equity pay the minuscule amount or respond to the regulator (CDSC)?
- Comments made by the CEO at the bank AGM, bragging having the most investor accounts in the country coming back to haunt at a time when brokers are (i) broke (ii) resentful/envious
- More tales at the stockskenya forum
Equity moves in at Housing Finance: At Housing Finance, Equity is asserting its authority at the bank and Equity directors will now form 1/3 of the Housing Board of Directors, with Peter Munga (Equity chairman) Benson Wairegi (Equity vice chairman) and Babatunde Soyoye (Helios) all appointed in 2008 and who will all be ratified by Housing Finance shareholders this month.
During the 2008 rights issue at Housing Finance, Equity also increased their ownership stake from 20% to 24.9% while sister institution British American Investments (Britak) also increased from 4.9% to 7.5%. The rights issue also saw the National Social Security Fund reduce stake from 7.8% to 6.8% as the Government of Kenya which did not take up any new shares saw its stake reduce from 7.3% to 3.6%
Opportunities
- Invest in a Government of Kenya Bond to raise 10, billion shillings ($125 million), and earn a potential 10% bond return (PDF); minimum application amount is 50,000 ($625), and the offer closes 22 April. (better than Madoff?)
- Maker Faire Africa (MFA), a celebration of African ingenuity, innovation and invention, will take place August 13-15 at the Ghana-India Kofi Annan Centre of Excellence in ICT in Ghana's capital, Accra there are opportunities to sponsor the summit
- Jitihada is the Kenya National Business Plan Competition – (details) (PDF) that will be launched in mid-April.
Create a Logo for an international mobile banking conference and win $200. Details here, found at @whiteafrican
Jobs
- Old mutual: Broker distribution manager, Mass market manager. Apply to recruitment@oldmutualkenya.com by 17/4
- National social security fund managing trustee. apply through manpower associates by 26/4
- Capital Markets Authority: Assistant Manager (Legal Framework), Accountant, Assistant Manager (Investigations), Manager (ICT). D/L is 15 April
Wednesday, July 09, 2008
Unilever Bails
Redux: Things I missed on Kutwa Tuesday
Business Daily: My favorite newspaper is cutting back on online content to charge subscribers $ 132 per year?
Unilever (UK) have applied to buy the under-valued shares from minority shareholders – and if they succeed they will de-list from the NSE. They are offering to buy shares at 62 shillings ($0.95) when they had previously traded at 45/=. Unilever owns 88.23% of the Kenyan subsidiary and need less than 2% to reach their target of 90% and are already within reach [shares from the NSSF or Jubilee and KCB pensions’ will tip them over]
Other exchange changeovers’ have taken places [Serena and CFC] but they companies have continued to trade at the NSE. The NSE / CMA are loath to lose companies, and with (now) 6 suspended companies, this will be interesting. Both Carbacid and BOC were knee-capped by the CMA and their shareholders missed out on the NSE bull run over the last three years [both shares have been suspended since December 2005!]
Streak over briefly: Safaricom has dominated the market since the day it was listed, but yesterday was the first day that another company’s’ shares were traded more than Safaricom since June 9th [KCB had 45.7 million rights traded at ~Kshs. 5 as the Government’s 51 million rights which it forfeited were snapped up by other investors]
Results of the Housing Finance rights issue were released showing that it was fully subscribed [raising Kshs. 2.37 billion], though not wildly over-subscribed (3%?). Either the offer, was not enticing, or people have gotten smart enough not to pay for more than they know they will get (80% of those who applied paid for only what they were allocated, 23% applied for more), those who over will get 74% of extras shares, while Equity and Britak will gets 100% of what they applied for [as the Government and NSSF did not take part]). The big winner are transaction advisers First Africa Capital who are set to bag about Kshs. 31 million [$476,000] from the rights issue
Interest rates have quietly crept up in 2008. The Barclays Bond which closed today had rates of 11.5% for investors as do standard chartered fixed deposits as new loans from Barclays and Equity have crossed upwards of the 20%.
Jobs
most from the daily papers this week
Akili Africa: entry level programmers, ERP implementation consultants, customer relationship manager. d/l is 21/7
Capital Markets Authority: ICT manager, assistant managers [research & product development, policy analysis & planning, procurement & logistics, finance, investigations, ICT, human resources] officers [senior compliance, investigations, senior investigations, customer service, senior policy analysis & planning, legal enforcement, legal framework, policy analysis & planning] analysts [senior financial, financial, stores] d/l is 25/7 by snail mail 74800-00200 to the Acting CEO
CEO of the Constituencies development fund : apply by 31/7 using snail mail
EABL: sales director apply to hr.recruitment@eabl.com
Pilots at Kenya Airways
Management trainees at KCB. D/l is 16/7
Nairobi Stock Exchange: surveillance officer (detect illegal behavior/trades) . apply to recruitment@nse.co.ke by 18/7
Sameer Africa: head of procurement, planning, logistics, ERP administrator, network & systems administrator hr@sameerafrica.com by 21/7
MY gOVErNment
a bit of wishful political - mini-reshuffle
Ministry of Roads: John Michuki
Ministry of Finance: Peter Kenneth
Ministry of Environment: Amos Kimunya
Assistant Minister Home Affairs: Chirau Mwakwere
Minister for Transport: Franklin Bett
Business Daily: My favorite newspaper is cutting back on online content to charge subscribers $ 132 per year?
Unilever (UK) have applied to buy the under-valued shares from minority shareholders – and if they succeed they will de-list from the NSE. They are offering to buy shares at 62 shillings ($0.95) when they had previously traded at 45/=. Unilever owns 88.23% of the Kenyan subsidiary and need less than 2% to reach their target of 90% and are already within reach [shares from the NSSF or Jubilee and KCB pensions’ will tip them over]
Other exchange changeovers’ have taken places [Serena and CFC] but they companies have continued to trade at the NSE. The NSE / CMA are loath to lose companies, and with (now) 6 suspended companies, this will be interesting. Both Carbacid and BOC were knee-capped by the CMA and their shareholders missed out on the NSE bull run over the last three years [both shares have been suspended since December 2005!]
Streak over briefly: Safaricom has dominated the market since the day it was listed, but yesterday was the first day that another company’s’ shares were traded more than Safaricom since June 9th [KCB had 45.7 million rights traded at ~Kshs. 5 as the Government’s 51 million rights which it forfeited were snapped up by other investors]
Results of the Housing Finance rights issue were released showing that it was fully subscribed [raising Kshs. 2.37 billion], though not wildly over-subscribed (3%?). Either the offer, was not enticing, or people have gotten smart enough not to pay for more than they know they will get (80% of those who applied paid for only what they were allocated, 23% applied for more), those who over will get 74% of extras shares, while Equity and Britak will gets 100% of what they applied for [as the Government and NSSF did not take part]). The big winner are transaction advisers First Africa Capital who are set to bag about Kshs. 31 million [$476,000] from the rights issue
Interest rates have quietly crept up in 2008. The Barclays Bond which closed today had rates of 11.5% for investors as do standard chartered fixed deposits as new loans from Barclays and Equity have crossed upwards of the 20%.
Jobs
most from the daily papers this week
Akili Africa: entry level programmers, ERP implementation consultants, customer relationship manager. d/l is 21/7
Capital Markets Authority: ICT manager, assistant managers [research & product development, policy analysis & planning, procurement & logistics, finance, investigations, ICT, human resources] officers [senior compliance, investigations, senior investigations, customer service, senior policy analysis & planning, legal enforcement, legal framework, policy analysis & planning] analysts [senior financial, financial, stores] d/l is 25/7 by snail mail 74800-00200 to the Acting CEO
CEO of the Constituencies development fund : apply by 31/7 using snail mail
EABL: sales director apply to hr.recruitment@eabl.com
Pilots at Kenya Airways
Management trainees at KCB. D/l is 16/7
Nairobi Stock Exchange: surveillance officer (detect illegal behavior/trades) . apply to recruitment@nse.co.ke by 18/7
Sameer Africa: head of procurement, planning, logistics, ERP administrator, network & systems administrator hr@sameerafrica.com by 21/7
MY gOVErNment
a bit of wishful political - mini-reshuffle
Ministry of Roads: John Michuki
Ministry of Finance: Peter Kenneth
Ministry of Environment: Amos Kimunya
Assistant Minister Home Affairs: Chirau Mwakwere
Minister for Transport: Franklin Bett
Wednesday, June 04, 2008
Kutwa Tuesday – Post Madaraka Day
a day late, most from the daily papers
banking:
Refund dilemma: What should banks do with Safaricom refunds of 80%? Wisest would be to take the money and accept refunds from disappointed shareholders to pre-pay their loans. It would not be wise to refuse to accept money and insist that borrowers serve their loan durations– as idle money has many employers. The middle ground would be to facilitate investors to buy more safcom or other shares, but that’s a new risk area in investment banking. Ideally there should be loans for secondary market purchases or margin trading.
Next I-bank Equity Bank to set up an investment banking subsidiary (from Ocean Newsletter)
New note Kenya needs a new bank note - denomination 3,000 or 5,000 shillings soon.
NSE talking points:
Fuel hedging?: Despite the reduced flights, its’ amazing that Kenya Airways actually reduced its fuel bill in 2008 (albeit just 1.6%) – this is at a time when other airlines are going bankrupt because of high fuel costs. Can they do it again in ’09 without having to resort to radical fuel saving measures?
- Total Oil interested in Caltex and will compete against the government for the stations
- Government and NSSF to opt out of Housing Finance rights issue
- Fresh off a profit warning, the Sameer Africa boss out; is this the reason the reason ?
- Undugu? Nation reporters in Tz still not comfortable
- The City of Nairobi is now Safaricom broadband hotspot who are selling postpaid hotspot bundles.
Equipment is a broadband modem for 6,000 ($98) and a broadband router for 35,000 ($570) shillings. Service options offered include - up to 700MB for 2,000 ($33), up to 2GB for 4,000, 5GB for 7,000, 8GB for 10,000, and up to 30GB for 30,000 ($491) , but weak customer care remains an Achilles heel for new Safaricom products
Parastatals
- Refinery Coalition Libyan and India to share equaly/ (happily?) in the Kenya Oil Refinery in Mombasa
- The Agriculture Finance Corporation (AFC) asks farmers to continue paying their loans since most of them were not affected by post-election violence
- East African Portland cement to start paying all supplier invoices by electronic financial transactions (EFT)
- Kenya Railways selling land in makupa (7 acres), kibarani (9), embakasi (10) and a building in headquarters (D/L 27/6)
- Kenya Ports Authority to set up an inland container depot (dry port) at Eldoret (seeking bidder to lease operate by 20/6)
- Kenya Re say their will put up a transit hotel at JKIA (was in their 2006 prospectus)
- The City council of Nairobi seeks land to for a new cemetery
- Education: Makerere University (Ug) to offer courses in renewable energy
banking:
Refund dilemma: What should banks do with Safaricom refunds of 80%? Wisest would be to take the money and accept refunds from disappointed shareholders to pre-pay their loans. It would not be wise to refuse to accept money and insist that borrowers serve their loan durations– as idle money has many employers. The middle ground would be to facilitate investors to buy more safcom or other shares, but that’s a new risk area in investment banking. Ideally there should be loans for secondary market purchases or margin trading.
Next I-bank Equity Bank to set up an investment banking subsidiary (from Ocean Newsletter)
New note Kenya needs a new bank note - denomination 3,000 or 5,000 shillings soon.
NSE talking points:
Fuel hedging?: Despite the reduced flights, its’ amazing that Kenya Airways actually reduced its fuel bill in 2008 (albeit just 1.6%) – this is at a time when other airlines are going bankrupt because of high fuel costs. Can they do it again in ’09 without having to resort to radical fuel saving measures?
- Total Oil interested in Caltex and will compete against the government for the stations
- Government and NSSF to opt out of Housing Finance rights issue
- Fresh off a profit warning, the Sameer Africa boss out; is this the reason the reason ?
- Undugu? Nation reporters in Tz still not comfortable
- The City of Nairobi is now Safaricom broadband hotspot who are selling postpaid hotspot bundles.
Equipment is a broadband modem for 6,000 ($98) and a broadband router for 35,000 ($570) shillings. Service options offered include - up to 700MB for 2,000 ($33), up to 2GB for 4,000, 5GB for 7,000, 8GB for 10,000, and up to 30GB for 30,000 ($491) , but weak customer care remains an Achilles heel for new Safaricom products
Parastatals
- Refinery Coalition Libyan and India to share equaly/ (happily?) in the Kenya Oil Refinery in Mombasa
- The Agriculture Finance Corporation (AFC) asks farmers to continue paying their loans since most of them were not affected by post-election violence
- East African Portland cement to start paying all supplier invoices by electronic financial transactions (EFT)
- Kenya Railways selling land in makupa (7 acres), kibarani (9), embakasi (10) and a building in headquarters (D/L 27/6)
- Kenya Ports Authority to set up an inland container depot (dry port) at Eldoret (seeking bidder to lease operate by 20/6)
- Kenya Re say their will put up a transit hotel at JKIA (was in their 2006 prospectus)
- The City council of Nairobi seeks land to for a new cemetery
- Education: Makerere University (Ug) to offer courses in renewable energy
Saturday, December 22, 2007
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
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
Monday, November 05, 2007
Bank Wars
Equity vs. Barclays
Equity Bank is often cited as being what caused banks, especially Barclays Bank to change their focus. But is it true, or is Barclays expanding all over Africa not just Kenya, in terms of opening new branches and expanding into the retail sector.
political muscle: A recent editorial strongly defended Equity and it has also received strong defense from Government ministers whenever allegations have been thrown against the bank.
Equity has also not been shy in employing political muscle themselves. The delayed conversion of rival building society into Family Bank has been linked to Equity's influence and the bank was also instrumental suffocating pyramid schemes who grew to rival banks for deposits while ironically relying on banks for their massive fund transfers to/from investors.
Equity in 2008: Even if 2008 brings in a new government, Equity Bank should be ok. While the current government has been kind to Equity, giving it the space and access to market, environment to expand, Equity has been smart to use their access to Government to grow, without necessarily going to bed with the government. I.e. targeting government and parastatal deposits and banking business. Equity has expanded nationwide and has customers throughout the country and a positive image as a mwananchi bank. Think Kenol, not Mugoya for Equity next year, if the election follows the current polls
other banking briefs
Barclays bond: Barclays Kenya will issue a $75 million bond over 7 years.
Seem receptive, though their last bond to finance a mortgage business was scuttled by former finance minister who asked that the bank invest new money into Kenya, not borrow from the local market. That should whet the appetite for corporate investors who may be put off by the anticipated over-subscription (wasted funds, lost opportunity, delayed refunds) of a Safaricom IPO
But is Barclays parent in trouble? The global financial crisis has also taken done in the Citi (bank) CEO
Merger slows It's a shame that the CFC-Stanbic merger can be jeopardized by a frivolous lawsuit frivolous lawsuit. How does a 50 million shilling dispute balloon into a 25 billion shilling lawsuit for damages?
City Finance is expected to be taken over by new owners. Kenya's smallest bank should get a boost from new owners - as it is the only loss making bank so far this year. As at June this year, it had assets of just 510 million shillings ($7.7 million) in assets, deposits of of 131m, and loans 218m.
Collapsed banks update: Capital Finance and Pioneer Building Society are to be wound up while customers of Daima Bank will be paid another dividend
Bad loan relief?: The interest rates advisory centre offers loan and mortgage interest recalculation, financial cost assurance (overdraft, loan interest), in-duplum interest recalculation for the period (1/1/2001 to 31/7/2005) and informs its clients that that all bank charges from 1/11/89 may be illegal!
Though IRAC won against Housing Finance, bad debt relief may be a pipe dream for most, except for a few instances
Other corporate news
Keroche going into beer production after huge bill handed to them of unpaid taxes. This is the last thing that Kenya Breweries wanted to hear
The Minister for Finance has approve the takeover of Kobil Petroleum by sister company Kenya Oil Company Limited (Kenol). But Kobil is/was a Delaware corporation?
Fake sugar: Strange saga of a ship which arrived at Mombasa with contraband sugar already packaged in Mumias sugar bags – ready to go to store shelves. Packing sugar in their 'produced in Kenya' branded bags has been a key branding initiative by Mumias to differentiate it from imported sugar and seems to have worked, but counterfeiters can only be kept at bay for so long
Wananchi TV: convergence as Kenya's largest ISP wananchi is going into partnership with GTV to begin high speed cable and satellite TV all in one package.
Also mobile TV on phones : a few months ago, the bosses of Kenya Broadcasting Corporation were on TV from a golf tournaments talking about their plans for the rest of the year which included launching a new radio station and also coming up with the first news broadcast via mobile phones by September. (Read on - KBC is a shareholder in the local multichoice Kenya)
Opportunities
- A new Equity Fund in Kenya urgently looking for a financial systems engineer with banking experience. Apply to ndeman2@yahoo.com
- Apprentice to Africa. The Apprentice Challenge comes to Africa – with $200,000 in prize money
Equity Bank is often cited as being what caused banks, especially Barclays Bank to change their focus. But is it true, or is Barclays expanding all over Africa not just Kenya, in terms of opening new branches and expanding into the retail sector.
political muscle: A recent editorial strongly defended Equity and it has also received strong defense from Government ministers whenever allegations have been thrown against the bank.
Equity has also not been shy in employing political muscle themselves. The delayed conversion of rival building society into Family Bank has been linked to Equity's influence and the bank was also instrumental suffocating pyramid schemes who grew to rival banks for deposits while ironically relying on banks for their massive fund transfers to/from investors.
Equity in 2008: Even if 2008 brings in a new government, Equity Bank should be ok. While the current government has been kind to Equity, giving it the space and access to market, environment to expand, Equity has been smart to use their access to Government to grow, without necessarily going to bed with the government. I.e. targeting government and parastatal deposits and banking business. Equity has expanded nationwide and has customers throughout the country and a positive image as a mwananchi bank. Think Kenol, not Mugoya for Equity next year, if the election follows the current polls
other banking briefs
Barclays bond: Barclays Kenya will issue a $75 million bond over 7 years.
Seem receptive, though their last bond to finance a mortgage business was scuttled by former finance minister who asked that the bank invest new money into Kenya, not borrow from the local market. That should whet the appetite for corporate investors who may be put off by the anticipated over-subscription (wasted funds, lost opportunity, delayed refunds) of a Safaricom IPO
But is Barclays parent in trouble? The global financial crisis has also taken done in the Citi (bank) CEO
Merger slows It's a shame that the CFC-Stanbic merger can be jeopardized by a frivolous lawsuit frivolous lawsuit. How does a 50 million shilling dispute balloon into a 25 billion shilling lawsuit for damages?
City Finance is expected to be taken over by new owners. Kenya's smallest bank should get a boost from new owners - as it is the only loss making bank so far this year. As at June this year, it had assets of just 510 million shillings ($7.7 million) in assets, deposits of of 131m, and loans 218m.
Collapsed banks update: Capital Finance and Pioneer Building Society are to be wound up while customers of Daima Bank will be paid another dividend
Bad loan relief?: The interest rates advisory centre offers loan and mortgage interest recalculation, financial cost assurance (overdraft, loan interest), in-duplum interest recalculation for the period (1/1/2001 to 31/7/2005) and informs its clients that that all bank charges from 1/11/89 may be illegal!
Though IRAC won against Housing Finance, bad debt relief may be a pipe dream for most, except for a few instances
Other corporate news
Keroche going into beer production after huge bill handed to them of unpaid taxes. This is the last thing that Kenya Breweries wanted to hear
The Minister for Finance has approve the takeover of Kobil Petroleum by sister company Kenya Oil Company Limited (Kenol). But Kobil is/was a Delaware corporation?
Fake sugar: Strange saga of a ship which arrived at Mombasa with contraband sugar already packaged in Mumias sugar bags – ready to go to store shelves. Packing sugar in their 'produced in Kenya' branded bags has been a key branding initiative by Mumias to differentiate it from imported sugar and seems to have worked, but counterfeiters can only be kept at bay for so long
Wananchi TV: convergence as Kenya's largest ISP wananchi is going into partnership with GTV to begin high speed cable and satellite TV all in one package.
Also mobile TV on phones : a few months ago, the bosses of Kenya Broadcasting Corporation were on TV from a golf tournaments talking about their plans for the rest of the year which included launching a new radio station and also coming up with the first news broadcast via mobile phones by September. (Read on - KBC is a shareholder in the local multichoice Kenya)
Opportunities
- A new Equity Fund in Kenya urgently looking for a financial systems engineer with banking experience. Apply to ndeman2@yahoo.com
- Apprentice to Africa. The Apprentice Challenge comes to Africa – with $200,000 in prize money
Saturday, August 04, 2007
New stockbroker
Finally a new stockbroker is going to be invited to join the lucrative club that is the Nairobi Stock Exchange. The number of shareholders has gone up approximately ten times from pre-Kengen IPO, but the number of stockbrokers, through which investors must trade their shares has been stuck at 18 all that time (currently 17 since Francis Thuo was suspended earlier this year).
It's only one seat to access this Kshs. 4 billion a year industry, but that can only improve the current situation. Who should win? Ideally a bank or financial institution with an extensive branch network. CFC bank - the only bank that's also a stockbroker has the widest reach nationwide when compared to several one office stockbrokers in Nairobi
Application details here and only firms that can qualify as a stockbroker or investment bank are eligible. The Application fee is Kshs 50,000 ($700) to the NSE, and 2,500 to the Capital Markets Authority. Applications should also include a company profile and statement of financial support/bank guarantee for the bid amount which is reported to have a reserve price of Kshs 150 million ($2 million). D/L of 13/8 is just over a week away.
Other News & Follow up's
- KTN reported that the housing Finance deal (buy in by Equity) could be in jeopardy owing to a burden of borrower lawsuits that could be a major liability for the bank since the introduction of in duplum rules to the banking sector. (One plaintiff won a major case against the bank last month)
- I & M: Two European development finance institutions take up a 12% stake in I&M - Kenya’s 11th largest bank
- NIC shareholders will this month be asked to vote on right issue and bonus share - in addition to modifying the company laws to expand the bank beyond Kenya, enter insurance, custodial, and investment banking, and allow unclaimed dividends by to be reinvested by the Bank until a shareholder shows up to claim them
- Welcome to the Kenya, land of milk & honey: The Safaricom IPO honey pot has attracted interest from BNP Paribas, Citicorp, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and other banking, financial and legal giants
- Next week’s East African reports on a proposed merger in the cement industry between Bamburi and East African Portland Cement companies.
- As expected parliament, without a legitimate quorum, passed the media bill
- Weak laws and evasion are robbin Kenya of tax money.
Opportunities
- Borrow up to Kshs 1,000,000 at 0% interest from Halaal Credit, but eligible only to Kenyan Sunni Muslims.
- Diaspora conference; a conference dubbed Incorporating the Preparatory Kenya Diaspora Home-Coming Forum will take place at KICC on 14-16 August, 2007. some issues will be exploring investment opportunities in Kenya, debate the Diaspora bill 2007 , building partnerships between European and African private and public sector stakeholders, SME and Diaspora sectors be mainstreamed into vision 2030, and proposal that an annual Kenya Diaspora Homecoming week be held every August of each year. Details can be got from info@kenyadiaspora.go.ke
- Design a logo and come up with a motto for the Kenya Investment Authority :
some jobs
- AON: retail broking manager, senior business development executive (health). Apply to HR@aon.co.ke by 17/8
- Chief executive officer at the export processing zones authority. Apply through manpower associates by 14/8
- KCB: branch managers, business banking managers. Apply to recruitment@kcb.co.ke by 17/8
- Safaricom: Investigator, senior fraud analyst, senior information security officer, senior information systems auditor, and a dozen technical jobs. Apply to
hr@safarciom.co.ke by 10/8
- UAP: Relationship officer, internal risk surveyor, agricultural underwriter. Apply to recruitment@uapkenya.com.
It's only one seat to access this Kshs. 4 billion a year industry, but that can only improve the current situation. Who should win? Ideally a bank or financial institution with an extensive branch network. CFC bank - the only bank that's also a stockbroker has the widest reach nationwide when compared to several one office stockbrokers in Nairobi
Application details here and only firms that can qualify as a stockbroker or investment bank are eligible. The Application fee is Kshs 50,000 ($700) to the NSE, and 2,500 to the Capital Markets Authority. Applications should also include a company profile and statement of financial support/bank guarantee for the bid amount which is reported to have a reserve price of Kshs 150 million ($2 million). D/L of 13/8 is just over a week away.
Other News & Follow up's
- KTN reported that the housing Finance deal (buy in by Equity) could be in jeopardy owing to a burden of borrower lawsuits that could be a major liability for the bank since the introduction of in duplum rules to the banking sector. (One plaintiff won a major case against the bank last month)
- I & M: Two European development finance institutions take up a 12% stake in I&M - Kenya’s 11th largest bank
- NIC shareholders will this month be asked to vote on right issue and bonus share - in addition to modifying the company laws to expand the bank beyond Kenya, enter insurance, custodial, and investment banking, and allow unclaimed dividends by to be reinvested by the Bank until a shareholder shows up to claim them
- Welcome to the Kenya, land of milk & honey: The Safaricom IPO honey pot has attracted interest from BNP Paribas, Citicorp, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and other banking, financial and legal giants
- Next week’s East African reports on a proposed merger in the cement industry between Bamburi and East African Portland Cement companies.
- As expected parliament, without a legitimate quorum, passed the media bill
- Weak laws and evasion are robbin Kenya of tax money.
Opportunities
- Borrow up to Kshs 1,000,000 at 0% interest from Halaal Credit, but eligible only to Kenyan Sunni Muslims.
- Diaspora conference; a conference dubbed Incorporating the Preparatory Kenya Diaspora Home-Coming Forum will take place at KICC on 14-16 August, 2007. some issues will be exploring investment opportunities in Kenya, debate the Diaspora bill 2007 , building partnerships between European and African private and public sector stakeholders, SME and Diaspora sectors be mainstreamed into vision 2030, and proposal that an annual Kenya Diaspora Homecoming week be held every August of each year. Details can be got from info@kenyadiaspora.go.ke
- Design a logo and come up with a motto for the Kenya Investment Authority :
some jobs
- AON: retail broking manager, senior business development executive (health). Apply to HR@aon.co.ke by 17/8
- Chief executive officer at the export processing zones authority. Apply through manpower associates by 14/8
- KCB: branch managers, business banking managers. Apply to recruitment@kcb.co.ke by 17/8
- Safaricom: Investigator, senior fraud analyst, senior information security officer, senior information systems auditor, and a dozen technical jobs. Apply to
hr@safarciom.co.ke by 10/8
- UAP: Relationship officer, internal risk surveyor, agricultural underwriter. Apply to recruitment@uapkenya.com.
Friday, July 13, 2007
Mostly Equity
Friday the 13th, and almost a year after Equity Bank listed on the NSE should have capped off a great week for Equity Bank – except for some MP’s in Parliament and anonymous letter circulating on the web. More on possible impact on share price and a great defense of the Equity’s significance to the country’s business and investment scene - but BDAfrica should probably mention that their CEO is an Equity director, in the same way CNN anchors mention their connection to Time Warner each time they report on the company.
more
- Equity is usually the first bank to announce quarterly results and we can expect more great numbers in the weeks ahead for June 2007.
- Alongside shareholder Britak, Equity will take up a 24.9% stake in Housing Finance. But the banking Act discourages banks owning shares in other banks (merging is ok, shareholding is not)
- Going international, Equity is poised to expand again, opening branches in Rwanda and Uganda
- Equity bank customers will also be able to access their funds at Nakumatt stores starting next week
More bank happenings
ABC joins the flat fee account race with a Kisima account (priced at 495 shillings)
Barclays has partnered with Nakumatt stores to launch a credit card. Barclays also has a branch on River Road I hear – a sight to see!
What can the Central Bank do about the strengthening shilling? With appreciating currencies, see what India did to help their exporters and Uganda did to curb currency speculators.
Consolidated bank has introduced solid loop product for businesses pursuing contracts/tenders/LPO’s
EADB has a line of credit from EXIM India to finance importation of eligible goods from India into Kenya, Uganda or Tanzania
Family finance aka Equity Blue opens a branch in Kapsabet
CDC opts out of the Housing Finance rights issueleaving the door open for Equity Bank and Britak
KCB now opens branches every Saturday from 9 to 12. The days of banks only opening on the first & last Saturday of the month is now history, with most now open every Saturday with longer hours, even on Sundays.
As the Telkom privatization kicks off, will several banks opt to get paid or sit back and convert their debt into Safaricom shares?
other economic developments
- Tata chemical (majority own of Magadi soda) plans to build another soda ash factory at Lake Natron, Tanzania- a move being opposed by conservation groups
- A new School of the Nations in Kitisuru
- Lake Naivasha resort and spa
- The government plans to set up a radioactive waste processing facility on Karen!
- The National social security fund plans to complete an 11 storey parking complex on Ngong road. It’s about time someone did something to ease the parking shortage esp. for upper hill workers
opportunities
Jobs - most from the daily papers this week
Chief financial officer at the Africa trade insurance agency . D/L is 22/7
Kenya capital markets authority: mangers [finance, corporate communication], assistant managers [financial analysis, enforcement,] officers [compliance (2), legal, surveillance, research] accountant, MIS systems analyst. Details at online and D/L is 25/7
Action research officer at decentralized financial services recruitment@kenyagatsby.org by
Join the East African development bank Young processionals program. Apply to
recruitment@eadb.org by 23/7
Business relationship manager at Equity bank. Apply to jobs@equitybank.co.ke by 20/7
First community bank: Financial controller, Managers (trade finance, internal audit, human resources, brand development, e-banking & cards, legal) Branch managers (Nairobi, Mombasa) Relationship managers (corporate banking), corporate credit analysts, retail credit analysts. Apply to fcb-vacancies@ahmedabdi.com by 25/7
HLB Ashvir: partners or senior managers. Apply to akassam@ashvir.com
Assistance credit manager at housing finance. Apply to human.recources@housing.co.ke by 20/7
Kencall: trainee managers, head of HR, transcribers (50) and other positions. Apply online.
Apply online for project planner at Kenya airways
Kenya ICT board: Marketing manager, financial management specialist, procurement specialists. Apply through Deloitte at esd@deloitte.co.ke by 27/7
Apply online for Financial analysts Kenya shares
Programme Manager for the Global Water Operators Partnership Alliance of UN-HABITAT . D/L is 4/8
General Manager at UUNET. Apply to jobs@biz-ideas.bix by 20/7
Independent financial adviser at Winton investments. Apply to jobs@winton-investment.com
CEO of the Youth enterprise development fund. Apply through Manpower associates by 25/7
aviation
- CMC aviation requires captains and first officers for dash 5 and dash 8
- Jetlink looking for captains and first officer for dc-9 aircraft
more
- Equity is usually the first bank to announce quarterly results and we can expect more great numbers in the weeks ahead for June 2007.
- Alongside shareholder Britak, Equity will take up a 24.9% stake in Housing Finance. But the banking Act discourages banks owning shares in other banks (merging is ok, shareholding is not)
- Going international, Equity is poised to expand again, opening branches in Rwanda and Uganda
- Equity bank customers will also be able to access their funds at Nakumatt stores starting next week
More bank happenings
ABC joins the flat fee account race with a Kisima account (priced at 495 shillings)
Barclays has partnered with Nakumatt stores to launch a credit card. Barclays also has a branch on River Road I hear – a sight to see!
What can the Central Bank do about the strengthening shilling? With appreciating currencies, see what India did to help their exporters and Uganda did to curb currency speculators.
Consolidated bank has introduced solid loop product for businesses pursuing contracts/tenders/LPO’s
EADB has a line of credit from EXIM India to finance importation of eligible goods from India into Kenya, Uganda or Tanzania
Family finance aka Equity Blue opens a branch in Kapsabet
CDC opts out of the Housing Finance rights issueleaving the door open for Equity Bank and Britak
KCB now opens branches every Saturday from 9 to 12. The days of banks only opening on the first & last Saturday of the month is now history, with most now open every Saturday with longer hours, even on Sundays.
As the Telkom privatization kicks off, will several banks opt to get paid or sit back and convert their debt into Safaricom shares?
other economic developments
- Tata chemical (majority own of Magadi soda) plans to build another soda ash factory at Lake Natron, Tanzania- a move being opposed by conservation groups
- A new School of the Nations in Kitisuru
- Lake Naivasha resort and spa
- The government plans to set up a radioactive waste processing facility on Karen!
- The National social security fund plans to complete an 11 storey parking complex on Ngong road. It’s about time someone did something to ease the parking shortage esp. for upper hill workers
opportunities
Jobs - most from the daily papers this week
Chief financial officer at the Africa trade insurance agency . D/L is 22/7
Kenya capital markets authority: mangers [finance, corporate communication], assistant managers [financial analysis, enforcement,] officers [compliance (2), legal, surveillance, research] accountant, MIS systems analyst. Details at online and D/L is 25/7
Action research officer at decentralized financial services recruitment@kenyagatsby.org by
Join the East African development bank Young processionals program. Apply to
recruitment@eadb.org by 23/7
Business relationship manager at Equity bank. Apply to jobs@equitybank.co.ke by 20/7
First community bank: Financial controller, Managers (trade finance, internal audit, human resources, brand development, e-banking & cards, legal) Branch managers (Nairobi, Mombasa) Relationship managers (corporate banking), corporate credit analysts, retail credit analysts. Apply to fcb-vacancies@ahmedabdi.com by 25/7
HLB Ashvir: partners or senior managers. Apply to akassam@ashvir.com
Assistance credit manager at housing finance. Apply to human.recources@housing.co.ke by 20/7
Kencall: trainee managers, head of HR, transcribers (50) and other positions. Apply online.
Apply online for project planner at Kenya airways
Kenya ICT board: Marketing manager, financial management specialist, procurement specialists. Apply through Deloitte at esd@deloitte.co.ke by 27/7
Apply online for Financial analysts Kenya shares
Programme Manager for the Global Water Operators Partnership Alliance of UN-HABITAT . D/L is 4/8
General Manager at UUNET. Apply to jobs@biz-ideas.bix by 20/7
Independent financial adviser at Winton investments. Apply to jobs@winton-investment.com
CEO of the Youth enterprise development fund. Apply through Manpower associates by 25/7
aviation
- CMC aviation requires captains and first officers for dash 5 and dash 8
- Jetlink looking for captains and first officer for dc-9 aircraft
Tuesday, June 26, 2007
Convenient banking
making trades offs as convenient banking is not the same thing as cheap banking
Equity has been the fastest growing bank in the country over the last few years. It has won customers, now 1+ million, and has sent bigger banks banks back to the drawing board to woo & retain their customers.
However, while banking with them may not be cheap for a business, it is convenient, and offers finance and flexibility to an upcoming business. People coming from abroad complain about the cost of making mobile calls here – saying they are expensive. But compared to what? A taxi driver will make a 30 shilling mobile phone call to secure a 2,000 shilling job as his phone is his office.
Same with Equity their low entry minimums suit individuals and start ups. And while some of their charges are rather hefty (3% for ENC and 10% of amount for a temporary overdrafts), as a businesswoman told me today, their quick decision making and the fact that they are the only bank that can offer these facilities to her make them the optimal bank for now. Getting cheques cleared, guarantees, and payments to suppliers matter more to her now, than the cost of these services, and help her build a credit record for the future. Once she is more established,. she will look question the transaction costs and have other banks now wooing her business.
Other banking briefs
According to Africa confidential, Kenya is favored to be the new host country for the African development bank, with Botswana second in the ranking. However Ivory Coast is back in the running following the signing of a peace accord. More on homeless banks.
The CBR Bank rate was lowered from 10 to 8.5%
The Government has commissioned a study to look into the low uptake of youth enterprise fund and agriculture development funds. They are blaming banks for asking borrowers for collateral and 3 month bank statements – terms which were not spelt out in the funds. from an offline story from the East Africa:
CFC Stanbic bank pre –merger comparisons
Diamond Trust acquired a majority shareholding in Diamond Trust in the just concluded rights issue.
Equity Bank
- Looking to enter the money transfer business
- To buy Housing Finance bank - what do the bloggers say?
Family bank got admitted to the CBK bank clearing house earlier in June, just a few weeks after being licensed. Family took advantage and pressed for an exemption (on a two year waiting period), similar to that granted to Equity Bank when it also became a bank. from an offline story from the standard
National Bank is seeking to commit Ketan Somaia to civil jail over a 17 million debt
Pyramids schemes continue to
thrive despite numerous warnings. However, some schemes feeling a cash pinch are passing the blame to the central bank who are limiting the interest they can pay depositors to 10% p.a. - before they were paying over 10% per month.
Equity has been the fastest growing bank in the country over the last few years. It has won customers, now 1+ million, and has sent bigger banks banks back to the drawing board to woo & retain their customers.
However, while banking with them may not be cheap for a business, it is convenient, and offers finance and flexibility to an upcoming business. People coming from abroad complain about the cost of making mobile calls here – saying they are expensive. But compared to what? A taxi driver will make a 30 shilling mobile phone call to secure a 2,000 shilling job as his phone is his office.
Same with Equity their low entry minimums suit individuals and start ups. And while some of their charges are rather hefty (3% for ENC and 10% of amount for a temporary overdrafts), as a businesswoman told me today, their quick decision making and the fact that they are the only bank that can offer these facilities to her make them the optimal bank for now. Getting cheques cleared, guarantees, and payments to suppliers matter more to her now, than the cost of these services, and help her build a credit record for the future. Once she is more established,. she will look question the transaction costs and have other banks now wooing her business.
Other banking briefs
According to Africa confidential, Kenya is favored to be the new host country for the African development bank, with Botswana second in the ranking. However Ivory Coast is back in the running following the signing of a peace accord. More on homeless banks.
The CBR Bank rate was lowered from 10 to 8.5%
The Government has commissioned a study to look into the low uptake of youth enterprise fund and agriculture development funds. They are blaming banks for asking borrowers for collateral and 3 month bank statements – terms which were not spelt out in the funds. from an offline story from the East Africa:
CFC Stanbic bank pre –merger comparisons
Diamond Trust acquired a majority shareholding in Diamond Trust in the just concluded rights issue.
Equity Bank
- Looking to enter the money transfer business
- To buy Housing Finance bank - what do the bloggers say?
Family bank got admitted to the CBK bank clearing house earlier in June, just a few weeks after being licensed. Family took advantage and pressed for an exemption (on a two year waiting period), similar to that granted to Equity Bank when it also became a bank. from an offline story from the standard
National Bank is seeking to commit Ketan Somaia to civil jail over a 17 million debt
Pyramids schemes continue to
thrive despite numerous warnings. However, some schemes feeling a cash pinch are passing the blame to the central bank who are limiting the interest they can pay depositors to 10% p.a. - before they were paying over 10% per month.
Thursday, December 28, 2006
2006 Kenya banking review
based on reported figures for September 2006
1. Barclays Bank of Kenya [assets worth 117.17 billion shillings ($1.67 billion)] In 2006 Barclays made a major policy about turn and announced expansion plans including reopening branches they had closed a few years ago. They also venture into Shariah compliant banking as did KCB, I&M, Dubai and K-Rep banks.
Compared to September 2005, assets were up 10%, deposits 12%, loans 14% but income was up only 6%. They also increased their investment in government securities to about 40% of the loan book. Still despite being Kenya’s largest bank, it also has the 2nd highest return on assets at 4.16% (second only to Equity Bank at 4.74%)Barclays shareholders had a very happy year, which saw them earn a bonus share and a share split in addition to their usual top dividend.
2. Kenya Commercial Bank [84.92 billion] KCB nudged passed Stanchart in assets while its share price zoomed passed though Stanchart still has a higher market cap and better returns. KCB’s expansive rural branch network was the envy of other banks such as Barclays and it also expanded into Sudan in 2006. KCB’s assets were up 18%, deposits 17%, loan 13% while income was up 26% from a year ago
3. Standard Chartered [84.09 billion] The bank launched several new products including accounts aimed as women (Diva) and children and adult savings (Safari) accounts. Stanchart also appointed a new MD – Mr. Etemesi. Assets up 18% deposits 16% loan s22% and income 10% while it also increased its investment in government securities
4. Cooperative Bank [55.17 billion] Co-op’s strong recovery continued and it remains a strong candidate for a listing in the next two years. One of their unique traditional products - kids’ savings accounts – was invaded by other banks this year. Compared to last September, assets were up 12%, deposits up 18%, income up 19%, but loans down by 16%. Also their total non performing assets (NPA’s) doubled to 17 billion while the bank also tripled its in investment in government securities during the year.
5. National Bank of Kenya [39.37 billion] NBK is yet to have its capital and debt restructuring done even though it is promised every year by the Government and despite reporting profits each quarter, it was not able to pay any dividends. The Bank launched a low fee (Taifa) account to counter the crowds flocking to Equity and Co-op banks. Assets and loan were up 10%, deposits and income up 16% and it tripled investment in government securities but NPA have also doubled to from a year ago.
6. Citibank Kenya [35.43 billion] Assets up 12% loans up 42% and income up 33%. Was a late entrant to the share craze providing advisory services to the Mumias rights issue in November.
7. Commercial Bank of Africa [35.12 billion] CBA opened a new headquarters and is expected to venture into stockbroking. Assets, deposits, loans, and income were all up 21% but NPA also up 45% from a year ago.
8. CFC [25.04 billion] Had a successful rights issue to raise capital and also continued to roll out new insurance products. Its stockbroking unit is the largest in the country and was reported to have processed Eveready applications amounts that exceeded the shares being offered. CFC doubled its investment in government securities, assets were up 35%, deposits and loans up 20%, income up 61% but NPA were also up by 74% from the year before.
9. NIC [23.55] Still the leader in asset finance while their flat fee (MOVE) was imitated by other banks. Assets and deposits were up 18%, loans 15%, and income 33%, but NPA’s doubled from a year ago also. Shareholders finally enjoyed some significant price appreciation after being stuck at 50 /= forever.
10. Standard Bank (Stanbic) [23.29 billion] Many Kenyans bought shares in their Ugandan subsidiary while the Bank has expressed an interest in investing in NBK once it is restructured. Stanbic which has the lowest NPA (followed by Citibank and D-Trust) had assets up 54% deposits and loans up 44% and income was up 49%.
11 Investment & Mortgages [21.79 billion] I&M had assets up 25% deposits 27% loans 36% and income up 33% as the bank made a push into the credit card sector.
12 Diamond Trust [19.14 billion] Raised capital in an over-subscribed rights issue in December and is rumored to consolidate with a sister bank next year. Assets were up 27% deposits 29% loans 25% while income was up 33% from a year ago.
13 Equity [16.33 billion] Kenya’s s fastest growing bank had assets up 63% deposits 81% loans 105% and income 90% however expenses in Q3 grew faster than income and NPA’s are up 165%. It has the highest returns (assets 5% and equity 46%) and successfully listed all their shares on the NSE in 2006
14 Bank of Baroda [11.43 billion] Assets and deposits up 29%, loans up 27%, income up 22% and profit could double this year.
15 Housing Finance [9.8 billion] Has a new MD while its share price appreciated beyond expectation leaving it with the highest P/E on the NSE. Assets, deposits, loans, income, and expenses remained basically unchanged from a year ago while the bank has converted cash into government securities. The lack of new loan growth resulted in NPA’s forming a greater portion (72%) of loan book.
16 Prime Bank [9.26 billion] Assets and income up 40%, deposits 43% loan 29% and profits are up 69% from a year ago.
17 EABS Bank [8.55 billion] Teething pains continue as assets shrunk by 4% but with a positive outlook as income increased twice as fast as operating expenses this year, but still NPA’s are at 72%.
18 Imperial [8.47 billion] Assets up 5% loan 146% and securities up 60% as the bank had redeployed about 1 billion in placements. Income is up 13% and Imperial has among the top 5 returns (even better than Citibank)
19 Bank of India [8.15 billion] Assets and deposits up 20%, loans up 56%, income up 46% but NPA up 43% - still the bank is on track for a huge profit this year.
20 Bank of Africa [6.23 billion] Expects to open another Nairobi branch and but into a bank in Uganda to go with the one it invested into in Tanzania. Assets up 17% deposits 35% loans 16% and income up 31% and despite increase expansion costs remains on track to achieve a profit this year.
21 Fina [6.15 billion] One of the banks that has championed SME financing and also has an extensive operation in Rwanda. Assets unchanged from a year ago while loans up 17% profits will be 41% higher, but NPA also up 59%.
22 Habib AG Zurich [5.07 billion] Asset up 9%, loans 16% and income up 11% at this bank which invests primarily in government securities.
23 ABC [4.95 billion] Assets up 7% with loans up 4%, and income up 20% from a year ago however NPA’s also up 46%.
24 Giro [4.93 billion] Nothing much heard from partnership with SBI (India) and
Assets were up 3%, income up 9%, but loans down 13% and profit will be less than 2005.
25 Guardian [4.66 billion] Assets up 2%, and bank has upped its investment in government securities by 61% compared to 2% growth in loans – however NPA up 216% .
26 K-Rep [4.52 billion] One of the banks that pioneered the micro-finance sector now finds itself being crowded out by new entrants advertising all manner of SME packages. It will administer an ADB guaranteed line of credit for women entrepreneurs (along with CFC and CBA). Assets up 31,% deposits 59& and income up 50% proving that micro finance is low risk niche with only 4% NPA’s even as loans by K-Rep increased by 40%.
28 Southern Credit [4.27 billion] Assets up 1% deposits up 6% and loans 9% but with NPA’s up 52% from a year ago at the bank with a major credit card arm.
29 Victoria [4.19 billion] Assets and deposits up 8% and the bank has reduced its NPA’s by 49% and now has the lowest NPA in the country at 1% with 1 billion shilling in the bank.
30 Charterhouse [3.94 billion] The bank was placed under statutory management following money laundering and tax evasion allegations and has fought back through the courts and the press (& with some questionable tactics). Even as depositors are locked out, assets up 19% but profits down 33% and the CBK manager increased investments in government securities - up by 332% (as directed by the law)
31 Equatorial [3.67 billion] A Sameer bank had assets up 1% but reduced government securities by 72% to increase loans by 22% but NPA also up 75%.
32 Middle East [3.45 billion] Assets up 1%, loans up 45%, but deposits down 10% yet bank may increase its profit as a result of an improved NPA positions.
33 Consolidated [3.45 billion] Assets up 29%, deposits & loans up 33% and despite high NPA it may achieve a profit in 2006. The Deposit protection fund is expected to sell its 50% stake in the bank, but without a profitable track record it will remain private.
34 Chase [3.29 billion] Assets up 33%, deposit 53%, loans & income up 43% but NPA also up 42%.
35 Development Bank of Kenya [3.05 billion] Assets up 20%, deposits & loans are up 50% but NPA up 52%.
36 Habib Bank [3.02 billion] Assets, deposit, and loans, all up 4% this year at Habib which is rumored to consolidate with sister bank in 2007. Has the highest ratio of investment in government securities.
37 Credit [2.77 billion] Assets down 6% and NPA up 125% as the bank drops 3 places in rankings.
38 Transnational [2.44 billion] Assets up 12%, while deposits & loans up 20% from a year ago but NPA also up 73%.
39 Fidelity [2.11 billion] Income up 50% while deposits & loans both up 35% from a year ago.
40 Paramount Universal [2.05 billion] Assets up 55%, deposits up 72% but income is flat and NPA's are significantly up.
41 Oriental (formerly Delphis) [1.37 billion] Losses continue to eat into assets. Growth in income finally faster than growth in expenses but not enough to reverse wipe out of gains in the 1st half of the year as the bank moves further away from profitability and drops behind Paramount in size.
42 Dubai [1.22 billion] One of the first banks to recognize the potential of having a branch in the Eastleigh area now finds itself fighting with new entrants (giants Barclays and KCB) invading the area. Assets up 5%, loans up 12%, deposits up 15%, but NPA up 130% from a year ago.
43 City Finance [0.53 billion] Smallest bank with deposits up 34% (to 130 million), but income down 31% and NPA up 40% from a year ago.
Other institutions
Would be ranked 27 - Family Finance [4.47 billion in assets] Almost as fast growing as Equity with a similarly ambitious expansion plan, but was not able to become a bank since their planned conversion was put on hold by Central Bank. A share capital share of 390 million is more than other existing banks, but new banks are expected to be stronger and so the society went for a controversial private placement which was under-subscribed in November 2006. Assets and profits are up 40% from a year ago while deposits are up 50%.
new bank - Gulf African Will be the first 100% Shariah bank in Kenya
Thursday, July 06, 2006
HFCK ESOP
At the company’s AGM later this month, shareholders of the Housing Finance Company of Kenya (HFCK) will be asked to approve the creation of an employee share ownership plan (ESOP) unit trust. This plan will benefit from a tax incentive for ESOP’s announced in the budget speech last month and follows in the steps of Kenol and EABL as a way to motivate and retain employees.
To avoid causing friction, the ESOP shares will be bought from the stock exchange and will not dilute existing shareholdings. No mention yet if there will be a separate plan for executives.
To avoid causing friction, the ESOP shares will be bought from the stock exchange and will not dilute existing shareholdings. No mention yet if there will be a separate plan for executives.
Friday, January 27, 2006
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.
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.
Friday, October 28, 2005
Last October Weekend
Kenya not safe
Another travel advisory against Kenya has been issued by the US state department warning on the potential for violence in association with Kenya's upcoming constitutional referendum on November 21. Note that the number of visitors from the US to Kenya was up by 45% in the first half of the year.
Local online classifieds
In the tradition of craiglist, city search, city guide, and E-Bay’s Kijiji comes Nairobist - short for {Nairobi's list} a free service that connects the local community in Nairobi and also home of NairobiWiki. Postings can include CVs, for sale, gigs/events, housing, jobs, personals and services. (Was tipped to it by a service offering sponsorship for free GMAT/GRE exams
Another cool site on tourism mainly at the Kenya coast.
Kenyan hip hop documentary
"Hip Hop Colony" is a documentary detailing the art form of hip hop in Kenya. View the trailer online.
Britain divests
British investment giant CDC has offered a block of 6,245,482 shares of Housing Finance Company of Kenya (HFCK) for sale at Kshs.11.00 per share. According to the Daily Nation this follows regulatory pressure from local banking authorities.
graduate opportunity
Barclays Leadership Programme is seeking talented, ambitious, individuals to apply for its two years session beginning in January 2006. Applicants should be self-driven motivated individuals who can demonstrate initiative, and innovation, and who have attained 1st class or upper 2nd honours from recognized universities in various degrees - preferably business/finance related studies (also additional post graduate degrees are an advantage).
Apply online for this graduate opportunity (you’ll need pen, paper, ID/passport number as an online assessment is included in the application) by November 4th. Results of assessment will eb e-mailed within 2 days, while only sucessful applicants will be contacted after November 18.
Give your thumbs a rest
Safaricom’s 50% daytime discount on SMS comes to an end this weekend. After Monday, all local SMS will revert back to Kshs. 5 per message.
Sports Weekend
Local horse racing, and numerous golf tournaments.
Saturday 29 October
2:30 PM SS3 Tottenham vs. Arsenal & SS6 Wigan Athletic vs. Fulham
5:00 PM SS3 Chelsea vs. Blackburn & SS6 Liverpool vs. West Ham
7:15 PM SS3 Boro vs. Man Utd
9:00 PM SS7 La Liga:: Real Betis vs. Real Madrid
Sunday 30 October
7:00 PM SS3 FA Premiership:: West Brom vs. Newcastle
11 PM SS3 La Liga:: Barcelona vs. Sociedad
Tuesday 01 November
10:15 PM UEFA: Liverpool vs. Anderlecht & Inter vs. Porto & PSV Eindhoven vs. Milan,
Wednesday 02 November
10:15 PM UEFA:: Arsenal vs. Sparta & Benfica vs. Villarreal & Lille vs. Man Utd,
Next weekend:
Saturday: Rugby returns with Wales vs. NZ, Argentina vs. SA, and France vs. Australia
Sunday 06 November Man Utd vs. Chelsea
Another travel advisory against Kenya has been issued by the US state department warning on the potential for violence in association with Kenya's upcoming constitutional referendum on November 21. Note that the number of visitors from the US to Kenya was up by 45% in the first half of the year.
Local online classifieds
In the tradition of craiglist, city search, city guide, and E-Bay’s Kijiji comes Nairobist - short for {Nairobi's list} a free service that connects the local community in Nairobi and also home of NairobiWiki. Postings can include CVs, for sale, gigs/events, housing, jobs, personals and services. (Was tipped to it by a service offering sponsorship for free GMAT/GRE exams
Another cool site on tourism mainly at the Kenya coast.
Kenyan hip hop documentary
"Hip Hop Colony" is a documentary detailing the art form of hip hop in Kenya. View the trailer online.
Britain divests
British investment giant CDC has offered a block of 6,245,482 shares of Housing Finance Company of Kenya (HFCK) for sale at Kshs.11.00 per share. According to the Daily Nation this follows regulatory pressure from local banking authorities.
graduate opportunity
Barclays Leadership Programme is seeking talented, ambitious, individuals to apply for its two years session beginning in January 2006. Applicants should be self-driven motivated individuals who can demonstrate initiative, and innovation, and who have attained 1st class or upper 2nd honours from recognized universities in various degrees - preferably business/finance related studies (also additional post graduate degrees are an advantage).
Apply online for this graduate opportunity (you’ll need pen, paper, ID/passport number as an online assessment is included in the application) by November 4th. Results of assessment will eb e-mailed within 2 days, while only sucessful applicants will be contacted after November 18.
Give your thumbs a rest
Safaricom’s 50% daytime discount on SMS comes to an end this weekend. After Monday, all local SMS will revert back to Kshs. 5 per message.
Sports Weekend
Local horse racing, and numerous golf tournaments.
Saturday 29 October
2:30 PM SS3 Tottenham vs. Arsenal & SS6 Wigan Athletic vs. Fulham
5:00 PM SS3 Chelsea vs. Blackburn & SS6 Liverpool vs. West Ham
7:15 PM SS3 Boro vs. Man Utd
9:00 PM SS7 La Liga:: Real Betis vs. Real Madrid
Sunday 30 October
7:00 PM SS3 FA Premiership:: West Brom vs. Newcastle
11 PM SS3 La Liga:: Barcelona vs. Sociedad
Tuesday 01 November
10:15 PM UEFA: Liverpool vs. Anderlecht & Inter vs. Porto & PSV Eindhoven vs. Milan,
Wednesday 02 November
10:15 PM UEFA:: Arsenal vs. Sparta & Benfica vs. Villarreal & Lille vs. Man Utd,
Next weekend:
Saturday: Rugby returns with Wales vs. NZ, Argentina vs. SA, and France vs. Australia
Sunday 06 November Man Utd vs. Chelsea
Thursday, May 19, 2005
Midweek Mix
Health care package for low income Kenyans
AAR, Kenya’s largest HMO has linked with K-Rep Bank to offer in a pilot project to provide health care to low-income groups.
Media blamed for undermining bank merger
HFCK say that leakage of documents portrayed them as using underhand methods to secure a deal with DBK
Two perspectives on life in Nairobi
Eastleigh Estate in Nairobi is like Mogadishu because of wealthy Somali residents while Asians profess that they are ”Kenya Damu”
End of the Yellow Jackets
The Nairobi City Council is progressing towards a system that will privatise the management of parking spaces (on and off the street) in Nairobi
Ship refuses to sail away
Assurances to the Treasury by the Chief of General Staff, General Joe Kibwana, about a 4.1 billion Kenya Shilling (US$53.5 million) deal to buy a new patrol boat for the Navy have turned out to be misplaced, according to documents seen by Africa Confidential.
AAR, Kenya’s largest HMO has linked with K-Rep Bank to offer in a pilot project to provide health care to low-income groups.
Media blamed for undermining bank merger
HFCK say that leakage of documents portrayed them as using underhand methods to secure a deal with DBK
Two perspectives on life in Nairobi
Eastleigh Estate in Nairobi is like Mogadishu because of wealthy Somali residents while Asians profess that they are ”Kenya Damu”
End of the Yellow Jackets
The Nairobi City Council is progressing towards a system that will privatise the management of parking spaces (on and off the street) in Nairobi
Ship refuses to sail away
Assurances to the Treasury by the Chief of General Staff, General Joe Kibwana, about a 4.1 billion Kenya Shilling (US$53.5 million) deal to buy a new patrol boat for the Navy have turned out to be misplaced, according to documents seen by Africa Confidential.
Thursday, April 28, 2005
HFCK Boss Out
Peter Lewis Jones is out as Managing Director of Housing Finance Company of Kenya.
Earlier this month, the Nation reported that CBK wantd him out because HFCK was for violating Prudential regulation no. 10 which deals with provision for bad and doubtful loans and advances. HFCK has been making too little provisions as defined by CBK.
In their auditor’s letter at the end of 2003, KPMG made a point about future operations at HFCK noting that "a significant portion of their mortgage portfolio is non-performing, and low interest rates in the country have also lowered interest margins at HFCK. Also further growth is constrained by existing capital under the Bank Act and CBK act. The current licence does not allow for diversification, and the banks ability to make profits depends on recovery of non-performing assets."
The bank was supposed to make efforts to comply with PR10 and consult with shareholders by December 2004. - and these efforts have not borne much fruit, which is why CBK has forced the MD out.
In 2004, net interest income fell to 900 milliom, down from 1.6 billion in 2003 (and 2.0 b in 2002). HFCK ended the year with a pre-tax profit of 98 m (down from 112m in 03). HFCK has a bad debt portfolio of 4 b, but they also have 5 b as realizable value of securities (i.e. if they re-possess and sell houses of people who have defaulted)
Earlier this month, the Nation reported that CBK wantd him out because HFCK was for violating Prudential regulation no. 10 which deals with provision for bad and doubtful loans and advances. HFCK has been making too little provisions as defined by CBK.
In their auditor’s letter at the end of 2003, KPMG made a point about future operations at HFCK noting that "a significant portion of their mortgage portfolio is non-performing, and low interest rates in the country have also lowered interest margins at HFCK. Also further growth is constrained by existing capital under the Bank Act and CBK act. The current licence does not allow for diversification, and the banks ability to make profits depends on recovery of non-performing assets."
The bank was supposed to make efforts to comply with PR10 and consult with shareholders by December 2004. - and these efforts have not borne much fruit, which is why CBK has forced the MD out.
In 2004, net interest income fell to 900 milliom, down from 1.6 billion in 2003 (and 2.0 b in 2002). HFCK ended the year with a pre-tax profit of 98 m (down from 112m in 03). HFCK has a bad debt portfolio of 4 b, but they also have 5 b as realizable value of securities (i.e. if they re-possess and sell houses of people who have defaulted)
Tuesday, April 19, 2005
Mortgage 2005
The 2005 Homes Expo was held at Sarit Centre over the weekend. Various financial institutions were represented at the fair all offering various mortgage products. While HFCK and Savings & Loan (KCB) have been in the mortgage business for years, low interest rates beginning in 2003 caused Barclays, Standard Chartered and other banks to enter this market.
Others mortgage players not represented at the fair include: Credit Unions, East Africa Building Society (about to merge with Akiba Bank), Commercial Bank of Africa, I&M Bank and NIC Bank.
Some general facts
- For comparison purposes, I used a typical 6 million shilling ($75,000) property such as a 3 bedroom flat in Kilimani or a 4 bedroom maisonette in South C
- The longer the mortgage period, the higher the interest rate
- While most loans are variable rates, recently some banks have introduced fixed-rate mortgages
- Banks finance less (i.e. higher down payment) if you don’t live in the property
- Banks finance less for properties out of major towns (or not at all)
Barclays
Barclays will finance up to 85%, loan repayable over 15 years at a variable rate of 12.5%. You can use the facility to build new home, transfer your current mortgage, or borrow against your property (an equity release) to meet other financial obligations.
To buy your 6 million home, your down payment is 900,000 ($11,250) and Barclays will finance 5.1 million ($63,750). Annual repayments on the 5.1 million will range from 445,000 ($5,600) in year 1 and reduce to 62,000 ($775) in year 15.
Housing Finance Company of Kenya (HFCK)
Has a 3-plan mortgage scheme;
(1) Startup Plan mortgage: 10 to 15 year mortgage designed for 1st time borrowers
(2) House Plan mortgage: 5 to 10 year mortgage – for those who want to repay mortgage faster e.g. are closer to retirement
(3) Ace Plan mortgage: less than 5 years for those who have higher disposable incomes or are making investments
You can use HFCK loans for owner-occupied (you live there), investment residential (you don’t live there) equity release, construction loans & residential plots (maximum of 2 years for development to begin) purposes. Generally they finance up to 80% if you live there, 70% if you don’t.
- Interest rate is what gets some HFCK borrower into trouble. Their current base rate is 13.75 p.a. and in the StartUp Plan (for the 6 million shilling house) you pay Base +4% p.a. If you prove to be a good with your repayments, you get a discount of 1% p.a., but if you fall behind on repayments, you arrears attract an interest rate of base +5%.
- Closing costs are at least 5% of market value (including 4% stamp duty, 1% commitment fee, and other fees)
- Your 6 million house for 1st time borrowers falls into the Start up mortgage and after a down payment of 1.2 million ($15,000), HFCK will finance 4.8 million ($60,000)
KCB through their subsidiary “Savings & Loan Kenya Ltd.”
- Loans are charged 12.5% for up to 15 years for residential house or flats, and 12% for estate development.
- They finance up to 80% of property in Nairobi, Mombasa, Kisumu, Nakuru and Thika and only 70% if it is a property you’re not living in or are located in another town (i.e. you increase your down payment from 20% to 30%)
- Their loans are available to any borrower with repayment ability, but for salaried people the loan maximum is such that repayments must not exceed more than 2/3 of your net monthly salary
- Typical fees include: appraisal fee (1%), ledger fees 350 shillings/month, legal fees, stamp duty (4%), registration fee (0.2%)
- Typical repayment: To buy your 6 million shilling house, your down payment is 1.2 million ($15,000) and KCB will finance the remaining 80% (4.8 million $60,000). Repayment in year 1 will be about 450,000 (5,625) in year 1, and reduce to 70,000 ($875) in year 15
Standard Chartered
With Stanchart, you can build new home, transfer your current mortgage or borrow against your property (an equity release) to meet other financial obligations and the Bank says that loans are approved within 48 hours.
- This is at a fixed interest rate for up to 10 years is 14.5%, up to 15 years is 15.5%, and they finance up to 85% of property financed i.e. you put 15% down payment
- To buy your 6 million home, down payment is 900,000 ($11,250) and Stanchart will finance 5.1 million ($63,750) – and over the 15 years, repayments on the 5.1 million loan will be 72,000 per month.
- They also have a variable rate mortgage, which will result in monthly repayments of about 68,000 per month over 15 years to but your 6 million shilling home.
Others mortgage players not represented at the fair include: Credit Unions, East Africa Building Society (about to merge with Akiba Bank), Commercial Bank of Africa, I&M Bank and NIC Bank.
Some general facts
- For comparison purposes, I used a typical 6 million shilling ($75,000) property such as a 3 bedroom flat in Kilimani or a 4 bedroom maisonette in South C
- The longer the mortgage period, the higher the interest rate
- While most loans are variable rates, recently some banks have introduced fixed-rate mortgages
- Banks finance less (i.e. higher down payment) if you don’t live in the property
- Banks finance less for properties out of major towns (or not at all)
Barclays
Barclays will finance up to 85%, loan repayable over 15 years at a variable rate of 12.5%. You can use the facility to build new home, transfer your current mortgage, or borrow against your property (an equity release) to meet other financial obligations.
To buy your 6 million home, your down payment is 900,000 ($11,250) and Barclays will finance 5.1 million ($63,750). Annual repayments on the 5.1 million will range from 445,000 ($5,600) in year 1 and reduce to 62,000 ($775) in year 15.
Housing Finance Company of Kenya (HFCK)
Has a 3-plan mortgage scheme;
(1) Startup Plan mortgage: 10 to 15 year mortgage designed for 1st time borrowers
(2) House Plan mortgage: 5 to 10 year mortgage – for those who want to repay mortgage faster e.g. are closer to retirement
(3) Ace Plan mortgage: less than 5 years for those who have higher disposable incomes or are making investments
You can use HFCK loans for owner-occupied (you live there), investment residential (you don’t live there) equity release, construction loans & residential plots (maximum of 2 years for development to begin) purposes. Generally they finance up to 80% if you live there, 70% if you don’t.
- Interest rate is what gets some HFCK borrower into trouble. Their current base rate is 13.75 p.a. and in the StartUp Plan (for the 6 million shilling house) you pay Base +4% p.a. If you prove to be a good with your repayments, you get a discount of 1% p.a., but if you fall behind on repayments, you arrears attract an interest rate of base +5%.
- Closing costs are at least 5% of market value (including 4% stamp duty, 1% commitment fee, and other fees)
- Your 6 million house for 1st time borrowers falls into the Start up mortgage and after a down payment of 1.2 million ($15,000), HFCK will finance 4.8 million ($60,000)
KCB through their subsidiary “Savings & Loan Kenya Ltd.”
- Loans are charged 12.5% for up to 15 years for residential house or flats, and 12% for estate development.
- They finance up to 80% of property in Nairobi, Mombasa, Kisumu, Nakuru and Thika and only 70% if it is a property you’re not living in or are located in another town (i.e. you increase your down payment from 20% to 30%)
- Their loans are available to any borrower with repayment ability, but for salaried people the loan maximum is such that repayments must not exceed more than 2/3 of your net monthly salary
- Typical fees include: appraisal fee (1%), ledger fees 350 shillings/month, legal fees, stamp duty (4%), registration fee (0.2%)
- Typical repayment: To buy your 6 million shilling house, your down payment is 1.2 million ($15,000) and KCB will finance the remaining 80% (4.8 million $60,000). Repayment in year 1 will be about 450,000 (5,625) in year 1, and reduce to 70,000 ($875) in year 15
Standard Chartered
With Stanchart, you can build new home, transfer your current mortgage or borrow against your property (an equity release) to meet other financial obligations and the Bank says that loans are approved within 48 hours.
- This is at a fixed interest rate for up to 10 years is 14.5%, up to 15 years is 15.5%, and they finance up to 85% of property financed i.e. you put 15% down payment
- To buy your 6 million home, down payment is 900,000 ($11,250) and Stanchart will finance 5.1 million ($63,750) – and over the 15 years, repayments on the 5.1 million loan will be 72,000 per month.
- They also have a variable rate mortgage, which will result in monthly repayments of about 68,000 per month over 15 years to but your 6 million shilling home.
Tuesday, April 12, 2005
Corporate Brief’s
Barclays
The whole saga of the Matiba schools vs. Barclays is spinning out of control. Current MP’s and former MP’s have stepped up and urged the government to tame rogue foreign banks that are destroying Kenya entrepreneurs. Meanwhile, over the weekend, threats were made to Barclays and staff working for the receiver manager of the schools. Hopefully these are just prank calls.
HFCK
Al is well or not well with Housing Finance’s proposed merger with Development bank (DBK) .It appears that, not only is DBK management opposed to the deal, but also Central Bank of Kenya which now also wants to remove the managers of HFCK
Central Bank
Meanwhile deputy governor Sambili’s term is coming to an end. The office comes with security of tenure.
Econet
According to Ministry of Information PS, James Rege, Econet will not be allowed to operate in Kenya because it has only paid $15 million of the $27 million license fee. This was on KTN, but after attending a few functions and seeing some wild news coverage, I’d like to see the actual remarks, and the context in which he made them.
Telkom
Telkom will lay off 12,000 of its 18,000 workers. This will save 400 million shillings a month – Telkom earns 1.2 billion shillings a month, but half of that goes to salaries (according to media reports on Monday). The company has about 250,000 lines, and according to PS Rege, a Senegalese telephone operator serves the same number of lines with just 2,000 employees.
The whole saga of the Matiba schools vs. Barclays is spinning out of control. Current MP’s and former MP’s have stepped up and urged the government to tame rogue foreign banks that are destroying Kenya entrepreneurs. Meanwhile, over the weekend, threats were made to Barclays and staff working for the receiver manager of the schools. Hopefully these are just prank calls.
HFCK
Al is well or not well with Housing Finance’s proposed merger with Development bank (DBK) .It appears that, not only is DBK management opposed to the deal, but also Central Bank of Kenya which now also wants to remove the managers of HFCK
Central Bank
Meanwhile deputy governor Sambili’s term is coming to an end. The office comes with security of tenure.
Econet
According to Ministry of Information PS, James Rege, Econet will not be allowed to operate in Kenya because it has only paid $15 million of the $27 million license fee. This was on KTN, but after attending a few functions and seeing some wild news coverage, I’d like to see the actual remarks, and the context in which he made them.
Telkom
Telkom will lay off 12,000 of its 18,000 workers. This will save 400 million shillings a month – Telkom earns 1.2 billion shillings a month, but half of that goes to salaries (according to media reports on Monday). The company has about 250,000 lines, and according to PS Rege, a Senegalese telephone operator serves the same number of lines with just 2,000 employees.
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