Kenya’s M Oriental Bank distances itself from troubled Bank M Tanzania

August 8, 2018
The Board of M Oriental Bank in a past event/File

NAIROBI, Kenya, Aug 4 – Kenya’s M Oriental Bank has dissociated itself from the struggling Bank M Tanzania, which is now under receivership due to serious liquidity issues.

In a statement, M Oriental Bak says it does not own Bank M.

“The correct position is that CBK gave an approval to M Holdings Limited – a Kenyan owned and registered company in 2016 to acquire up to 51% of M Oriental Bank Limited, however, they subsequently opted to only acquire 33.8 percent,” reads part of the statement.

According to the Kenyan financier, Bank M Tanzania does not have shares in M Oriental Bank or its holding company, M Holdings Limited.

“M Oriental Bank Limited does not have any association whether direct or through any interbank lending to Bank M Tanzania,” says M Oriental Bank Chairman, Shanti Shah.

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