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Bloc seeks to acquire embattled Consolidated Bank of Kenya


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Bloc seeks to acquire embattled Consolidated Bank of Kenya

The Lake Region Economic Bloc, a group of 14 counties in western Kenya, is looking to acquire the embattled state-owned Consolidated Bank of Kenya Ltd., The East African reported.

Abala Wanga, the bloc's CEO, expects to present a proposal to the National Treasury and the Privatization Commission in the week of March 4. The bloc plans to turn the bank into a development bank.

Wanga added that plans to mobilize capital are at an advanced stage, and each county has earmarked $2 million in their 2018-2019 budgets and supplementary budgets.

The bank has been in breach of its statutory requirements for four years and Kenya has been looking to privatize the lender. A planned merger between Consolidated Bank, National Bank of Kenya Ltd. and Development Bank of Kenya Ltd. failed to go through after a South African consulting company advised against it.

Bomet, Bungoma, Busia, Homa Bay, Kakamega, Kericho, Kisii, Kisumu, Migori, Nandi, Nyamira, Siaya, Trans Nzoia and Vihiga are the bloc's 14 counties.