Bank customers are now required to declare names of beneficiaries of cash withdrawals above Sh1 million and justify why such large transactions cannot be done using electronic transfer channels. This is according to additional prudential guidelines issued to all banks by the Central Bank of Kenya (CBK) in a circular…

The Global Credit Rating Company (GCR) has upheld last year’s ABC Bank upgraded rating of national scale short term A2 (KE) and long term BBB (KE) with the outlook accorded as Stable. An A2 rating, according to Fitch Ratings, is a very high credit quality rating and denotes expectations of…

The Central Bank of Kenya (CBK) received a report on the state of financial affairs of Imperial Bank Ltd. (In Receivership) from the Kenya Deposit Insurance Corporation (KDIC). This follows KDIC’s appointment by CBK as receiver for Imperial Bank Limited (IBL) on October 13, 2015, according to the provisions of…

The Central Bank of Kenya (CBK) on 13th October 2015 appointed Kenya Deposit Insurance Corporation (KDIC) to assume management and control of Imperial Bank Ltd. for a period of 12 months. In a joint statement issued by the regulators, the market has been advised that CBK and Capital Markets Authority…

ABC Bank has become the first Kenyan bank to introduce a British Pound (GBP) Debit MasterCard. The new card is suitable for Diaspora customers in the UK. Kenyan business and leisure travelers to the UK can also deposit GBP in their ABC Bank accounts and access it while in the…