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Lake Region picks Deloitte to advise on set-up of regional bank

LREB chairman Wycliffe Oparanya, who is also the Kakamega County Governor, announced Deloitte was picked through competitive bidding and will be retained to offer technical services for the bloc/FILE

KISUMU, Kenya, Aug 14 – Lake Region Economic Bloc (LREB) has picked Deloitte East Africa as the transaction advisor as it moves closer to the establishment of a regional bank under its financial services pillar.

LREB chairman Wycliffe Oparanya, who is also the Kakamega County Governor, announced Deloitte was picked through competitive bidding and will be retained to offer technical services for the bloc that consists of 13 counties.

He says the bloc is considering buying an existing bank with the counties having so far committed Sh700 million towards the establishment of the regional bank that will spearhead development financing in the lake region.

“We have already had discussions with the controller of budget, Auditor General, CBK and the Treasury so that they are aware of what we are doing,” said Oparanya.

Oparanya noted that only two counties have not remitted any amount towards the establishment of the bank with each county expected to channel Sh200 million towards the formation of a regional bank.

Member counties include Kisumu, Siaya, Homa Bay, Migori, Kisii, Nyamira, Bomet, Kericho, Nandi, Trans Nzoia, Bungoma, Kakamega, Vihiga and Busia.

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