At the height of the banking crisis in the 1990s, at least a dozen commercial banks and financial institutions were shut. The rot extended to the new millennium with the collapse of Euro Bank, Charterhouse and in recent years, Chase and Imperial banks. On an April morning in 1993, the government shocked the industry by appointing the Deposit Protection Fund (now KDIC) to take over 12 “weak” banks and financial firms. The 12 institutions included Nairobi Finance Corporation, International Finance, United Trustees Finance, Lake Credit Finance, Allied Credit Finance and Middle African Finance. Mandera MP Billow Kerrow then noted that CBK could have done more and blamed weak corporate governance for the Euro Bank collapse.

Source: Standard Digital May 31, 2021 17:39 UTC