Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Finance

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

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.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...