First Community Bank seen along Kimathi street, Nairobi. [Elvis Ogina, Standard]Premier Bank Limited, Somalia (PBLS) has acquired 62.5 per cent shares of First Community Bank Limited (FCB), following approval by the Central Bank of Kenya. Trouble at First Community Bank became public last year when it faced a bank run, triggered by what it termed a ‘system hitch.’ Customers lined up in numbers to make withdrawals out of fear that FCB would become bankrupt. First Community Bank was a CBK-licensed institution to conduct sharia-compliant banking business, as of April 2008. According to CBK, Premier Bank is a privately-owned Shariah-compliant commercial bank with twenty (20) branches.

Source: Standard Digital March 18, 2023 01:56 UTC