List of Kenya Commercial Banks That'll Close Shop, Merge after Ruto Signed New Law

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List of Kenya Commercial Banks That'll Close Shop, Merge after Ruto Signed New Law

^{Published on 2024-12-19 04:20:49 - Tuko}

President William Ruto signed the Business Laws Act 2024, which stipulated that commercial banks must have a minimum core capital of KSh 10 billion.

The article from Tuko.co.ke discusses the recent changes in Kenya's banking sector following the signing of the Banking (Amendment) Bill 2021 into law by President William Ruto. This legislation has led to the Central Bank of Kenya (CBK) increasing the minimum capital requirement for commercial banks from KSh 1 billion to KSh 10 billion. As a result, several banks are facing the decision to either close shop, merge, or seek additional capital to meet this new threshold. The article lists banks like Spire Bank, which has already been acquired by Equity Bank, and others like Consolidated Bank, which might merge with other entities or seek capital injection. The changes aim to strengthen the banking sector's stability and competitiveness, potentially leading to fewer but stronger banks in Kenya.

Read the Full Tuko Article at:
[ https://www.tuko.co.ke/business-economy/industry/572790-list-kenya-commercial-banks-close-shop-merge-ruto-signed-law/ ]

N@N

List of Kenya Commercial Banks That'll Close Shop, Merge after Ruto Signed New Law