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7 items tagged "HFCK"

• April 09, 2009
• 10:08

  Mostly Equity – Suspensions & Housing Evictions

   » ‎ bankelele

  Tags:  HFCK  

  
  
  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
  
  Free Download Githongo Book - The most talked about book in Kenya - It's Our Turn to Eat - the Story of a Kenyan Whistle-Blower (John Githongo) by Michela Wrong will be available for download from April 10. yes you probably have a bootleg copy, but this is the real one from the publisher
  
  - 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
• July 09, 2008
• 10:24

  Unilever Bails

   » ‎ bankelele

  Tags:  HFCK  

  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
• June 04, 2008
• 0:11

  Kutwa Tuesday – Post Madaraka Day

   » ‎ bankelele

  Tags:  HFCK  

  Kutwa Tuesday – Post Madaraka Day
• November 05, 2007
• 5:34

  Bank Wars

   » ‎ bankelele

  Tags:  HFCK  

  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
• August 04, 2007
• 9:18

  New stockbroker

   » ‎ bankelele

  Tags:  HFCK  

  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.
• July 13, 2007
• 7:31

  Mostly Equity

   » ‎ bankelele

  Tags:  HFCK  

  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
• June 26, 2007
• 10:48

  Convenient banking

   » ‎ bankelele

  Tags:  HFCK  

  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.