Absa bank works with CBK to resolve license suspensionAbsa bank Kenya CEO Jeremy Awori (Photo: File)Absa Bank formerly Barclays Bank of Kenya has agreed to work with industry regulator Central Bank of Kenya to iron out issues that led to the suspension of its foreign exchange dealer license. SEE ALSO: CBK accuses lenders of neglecting clients“The Central Bank of Kenya has taken regulatory action against Absa Bank Kenya (Absa Kenya), following Absa Kenya’s failure to provide information about some specific foreign exchange trades that it conducted in March 2020,” said the statement. The regulator ordered Absa Kenya to cease transactions on foreign exchange in the Kenyan market from April 9, 2020, to April 15, 2020. SEE ALSO: Barclays gives way to Absa Bank at the bourseThe bank noted the action by the regulator and acknowledge receipt of official notice over the same. SEE ALSO: Court summons Absa Bank over Islamic banking facility“We are in ongoing consultations and discussions with the Central Bank of Kenya to fully resolve all matters raised in the shortest possible time.

Source: Standard Digital April 09, 2020 13:18 UTC