By VICTOR JUMAMore by this AuthorCommercial Bank of Africa (CBA) has made a Sh1.4 billion cash offer to buy out Jamii Bora Bank, expanding the Kenyatta family’s business empire which transcends banking, dairy, real estate, hospitality and manufacturing sectors. The Jamii Bora acquisition bid comes only weeks after CBA announced a reverse takeover of NIC Group, which is listed on the Nairobi Securities Exchange (NSE). The combined CBA, NIC and Jamii Bora business will rank as Kenya’s third-largest banking entity after KCB and Equity. CBA’s microcredit business, M-Shwari, is to be spun off to Jamii Bora while CBA/NIC will focus on their mainstay corporate and SME banking. The Jamii Bora chief executive, Sam Kimani, announced his resignation from the lender on Wednesday and was succeeded by his deputy, Tim Kabiru, in an acting capacity.

Source: Daily Nation January 11, 2019 10:41 UTC