Companies No buyer yet for Postbank blockA Postbank branch within the Nairobi CBD: The State-owned bank is selling a property in Muthaiga. FILE PHOTO | NMGKenya Post Office Savings Bank (Postbank) is yet to find a buyer for its multi-billion shilling developed commercial block in Muthaiga, Nairobi, more than a year after it put the property on sale. The property comprises buildings, a water reservoir, a swimming pool and other developments, sitting on 15.45 acres along Coffee Garden Road, off Kiambu Road in Muthaiga North. Related Content Postbank eyes Muthaiga property sale to boost capitalThe loss-making Postbank may book approximately Sh2.29 billion from the sale of land alone without the developments on it, going by the average market value of Sh148.5 million per acre in Muthaiga, taking into account latest quarterly property price surveys by HassConsult. Withholding taxUnlike other banks that are regulated by the CBK, the 104-branch Postbank is governed by the Kenya Post Office Savings Bank Act.

Source: The North Africa Journal March 24, 2019 18:56 UTC