Kenyattas to buyout bank for Sh 1.4 billion

Ruling family set to acquire another bank

The family of Kenyan President, Uhuru Kenyatta is one of the wealthiest in Africa.

The Kenyatta family on Friday submitted an offer to buy Jami Bora bank for Sh1.4 billion.

The cash offer was made by Commercial Bank of Africa (CBA) which will see it become the second bank acquired by the ruling family after the recent acquisition of the NIC bank.

The combination of the three banks will see it become the third largest bank after KCB and Equity respectively.

After the acquisition, CBA bank will have a combined assets of Sh457 billion. The Kenyatta family are the owners of the bank.

Family procures Rwandan bank

In March last year, the Kenyatta family purchased Crane Bank of Rwanda for a reported Sh969 million to mark its first entry into Rwanda.

The Crane Bank of Rwanda is a branch of the fallen Ugandan Crane Bank.

CBA Group Chairman Desterio Oyatasi had stated that the bank would take over the branches previously operated by Crane Bank.

“So far, we have invested at least Sh97 million in Rwanda and expect to grow this over time as we expand our business in the country,” remarked Oyatsi.

As part of the expansion of wealth, the dominant family began construction of Sh500 billion city in December in 2017.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Germany's Chancellor Merkel bows out in style [PHOTOS]

Germany's Chancellor Merkel bows out in style [PHOTOS]

Expect internet services from Kenya Power

Expect internet services from Kenya Power

Purchasing new embassies will cost Sh5 billion per year - Foreign Affairs

Purchasing new embassies will cost Sh5 billion per year - Foreign Affairs

Westlands MP's plan to transform Nairobi into Smart City

Westlands MP's plan to transform Nairobi into Smart City

Omanyala joins GSU Recce Squad for special role

Omanyala joins GSU Recce Squad for special role

State House Chief of Staff appointed honourary warden at KWS

State House Chief of Staff appointed honourary warden at KWS

Waiguru joins Sipangwingwi Challenge to promote Kenyan talent [Video]

Waiguru joins "Sipangwingwi Challenge" to promote Kenyan talent [Video]

Student who received Sh102M from boyfriend breaks silence

Student who received Sh102M from boyfriend breaks silence

Shinyalu MP Justus Kizito arrested

Shinyalu MP Justus Kizito arrested