Kenyattas to buyout Jami Bora bank for Sh 1.4 billion

Kenyattas to buyout bank for Sh 1.4 billion

Mark Mwithaga

January 11, 2019 10:41 AM

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.

Jami Bora Bank Pulse Live Kenya

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.

Crane Bank of Rwanda Pulse Live Kenya

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.

Mark Mwithaga