BOA Kenya taps Sh1.3bn for foreign currency lending
Nairobi, April 15 -- Bank of Africa (BOA) Kenya tapped $10 million (Sh1.3 billion) loan in the financial year ended December for on-lending in foreign currency amid a widespread dollar shortage that was being reported in the market.
The bank says in its latest annual report that its parent firm, BMCE Bank of Africa, which owns a 72.41 percent stake, lent it the money with a repayment period of three years.
"An unsecured three-year term loan of $10 million from BOA Group SA for the development of the bank's lending business in foreign currency," said the lender.
BOA Kenya is controlled by Luxembourg-incorporated BOA Group SA, with its ultimate parent being BMCE Bank which is incorporated in Morocco.
The dollar loan points to the interv...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.