The Central Bank of Kenya (CBK) has announced the acquisition of 100% of Giro Commercial Bank Ltd by I&M Bank Ltd effective February 13. I&M is a wholly owned banking subsidiary of I&M Holdings Ltd (IMHL), a non-operating holding company authorized by the CBK under Section 13(4) of the Banking Act. The acquisition follows CBK’s approval on October 27, 2016, for IMHL to acquire 100% shareholding of Giro Commercial Bank Ltd (GCBL) under and approval by the Cabinet Secretary National Treasury on January 27, 2017, under Section 9 of the Banking Act. Consequently, effective February 13, 2017, GCBL has ceased…
Author: Editor
Three East African countries can now jointly market their tourism products on line with the launch of the first joint East African destination portal. Kenya Tourism Board (KTB) chief executive officer Dr Betty Radier joined other top tourism officials from Uganda and Rwanda in the unveiling of the platform at the Pearl of Africa Trade Expo held at The Serena, Kampala in last month. The portal will be a shared platform for tourism trade operators to place their multi-country-packages promoting Kenya, Rwanda and Uganda; and provide a new channel to reach regional and international audiences. It will also allow access…
By David Wanjala From strikes to famine, our country is under siege with no solution in sight. What is more, those tasked with finding solutions only seem capable of concocting temporary ones. And so the cycle goes, on and on. Consider drought: half of the country’s counties are affected. It would be a little understandable if this were something new; it is not. But every time, government seems as surprised as its citizens when the inevitable happens. Things have been in a terrible state to the point that assailants attacked a Red Cross convoy to steal relief food in Baringo…
BY ANTONY MUTUNGA The year 2016 was full of surprises, from the decision by the United Kingdom to leave the European Union to Donald Trump winning the United States elections. The global community did not expect these decisions and thus they caused uncertainties that shook up the world economy. Stock markets, imports and exports were most affected as various countries experienced major loses. However, most African countries were not greatly hit by the uncertainties caused by these decisions. For instance, East African countries, which were earlier predicted to increase their economic growths were able to do so regardless of the…
BY ELIZABETH NKUKUU Alternative investments like real estate, private equity and structured financial solutions have outperformed traditional investments such as stock and bonds generating returns of, on average, more than 20% per annum over the last five years. Among this, real estate has been the best performer recording returns of on average 25% per annum over the five-year period. An analysis on performance of portfolios by Cytonn shows that returns on those with real estate exposure in 2015 were 6.7% higher than the returns on portfolios without real estate exposure. Real estate is thus a good investment both for profits…
BY DAVID ONJILI World over, sports employ millions of individuals directly and indirectly and respective governments capitalize on this to maximize on revenue collection through ensuring that the industry is well funded and handled by professionals. A case study of Germany says it all, a joke is told that when England hammered Germany 5 – 1 on September 1 2001 at the Olympiastadion in Munich in a friendly game, the English went on to celebrate while the Germans went back on the drawing board and 13 years later, in 2014 in Brazil, the Germans won the world cup against Argentina.…
BY DAISY AWITI The natural hair wave has been widely embraced by many women and girls all over, some sticking to it like religion, while others throwing in the towel after a few months. However, keeping hair in its natural state does not automatically make it healthy. Whether or not you are part of this movement, healthy hair is our goal. Let’s have a recap of the basics, ladies: Hair regimen- Decide on your washday. Hair can be washed and conditioned once a week. Deep conditioning and treatment must be done no less than twice a month. It can be…
BY TOM ODHIAMBO The reported request by Kenyan-Asians to be considered Kenya’s 44th tribe is very disturbing. Why would people who are Kenyans in all ways imaginable and defined by the Constitution of Kenya be asking today, hundreds of years since their ancestors landed on these shores and established families and homes be asking to be made Kenyans? And why the 44th tribe, if we may digress? Who are the 43rd tribe? Definitely not the Makonde! There are more tribes in Kenya than the number 42 that is cited all the time. And in any case, will this 44th tribe…
BY FUAD ABDIRAHMAN The former North Eastern, now split into three counties of Garissa, Wajir and mandera has been recognized before with poor infrastructure and, recently, a deteriorating security situation but a new polestar that may result in masses finally visiting this part of Kenya that has for long been seen to have drifted from the larger country is taking shape. Garissa County Government logo is an image of a species that resembles an antelope with a caption of ‘Home of Hirola’. This is because on the southern part of the County, Ijara Sub County lives a special type of antelope…
A few months ago, it wasn’t very clear whether Sammy Shollei would last as Standard Group CEO. The tide appeared set against the man brought in four years ago to stop the media house from sliding and set it on a growth path, but instead the group’s financial haemorrhage worsened after he took over. But the board surprised media watchers and gave Shollei three more years at the helm, hoping that after learning the group in his first term, he understands how to steer it from its current financial turmoil and waning brand value. Recently, Mr Shollei granted NBM an…