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13 Pages«<10111213>
Potential merger NIC + CBA
andrueastman
#221 Posted : Friday, June 12, 2020 2:33:47 PM
Rank: Hello


Joined: 2/12/2019
Posts: 1
Location: Nairobi
Were the bonus shared credited?
kmucheke
#222 Posted : Friday, June 12, 2020 5:10:39 PM
Rank: Member


Joined: 3/16/2019
Posts: 140
VituVingiSana wrote:
kmucheke wrote:
Bank of Uganda (BoU) gives go ahead to NC , CBA merger

Quote:
“BoU has issued a letter of no objection to the proposed business [merger] of NC Bank and Commercial Bank of Africa,” the notice signed by Mr Sam Ntulume, the NC Bank managing director and Mr Anthony Ndegwa, the CBA chief executive officer, reads in part.


Quote:
The merger is expected to give the two banks an edge that is likely to build a relatively large financial base.

NC Bank recovered from a Shs4.3b loss for the period ended December 2018 to post Shs3b in profits in 2019 while CBA made a loss of Shs10.4b in 2019 from a Shs567m profit in 2018.

NC Bank is a subsidiary of the National Industrial Credit Bank (NIC).
The joint entity will remain much smaller than Stanbic (UG) and dfcu.


Correct me if i'm wrong, isn't Centenary bank no. 2 and DFCU no. 3
Check Link
kmucheke
#223 Posted : Wednesday, July 08, 2020 2:58:49 PM
Rank: Member


Joined: 3/16/2019
Posts: 140
NCBA buys yard for seized cars as loan defaults rise

Quote:
NCBA Group has acquired a yard for storing cars repossessed from loan defaulters, pointing to a rise in asset seizures in Kenya’s struggling economy.

The group, which was formed last year following the merger between CBA group and NIC group, says in latest annual report that the yard has helped it maintain the vehicles and sell them at a better price.

This represents a departure from the common practice by banks where repossessed vehicles are taken directly to auctioneers’ yards for public sale.


Quote:
This has seen a 15 percent increase in the selling price of repossessed vehicles and faster turnaround in their disposal as we are now able to conduct basic maintenance like regular cleaning of vehicles and ensuring proper tyre pressure to restore their value,” said the bank.


Quote:
The lender says it has financed over 4,300 vehicles worth around Sh17 billion, with over 80 percent of them being for commercial use by small and medium-sized enterprises.

The mounting defaults are a reflection of the struggles that loan holders are undergoing in an economy that has witnessed a string of job losses and closure of small business in the face of Covid-19.
Kusadikika
#224 Posted : Wednesday, July 08, 2020 3:59:54 PM
Rank: Elder


Joined: 7/22/2008
Posts: 2,674
kmucheke wrote:
NCBA buys yard for seized cars as loan defaults rise

Quote:
NCBA Group has acquired a yard for storing cars repossessed from loan defaulters, pointing to a rise in asset seizures in Kenya’s struggling economy.

The group, which was formed last year following the merger between CBA group and NIC group, says in latest annual report that the yard has helped it maintain the vehicles and sell them at a better price.

This represents a departure from the common practice by banks where repossessed vehicles are taken directly to auctioneers’ yards for public sale.


Quote:
This has seen a 15 percent increase in the selling price of repossessed vehicles and faster turnaround in their disposal as we are now able to conduct basic maintenance like regular cleaning of vehicles and ensuring proper tyre pressure to restore their value,” said the bank.


Quote:
The lender says it has financed over 4,300 vehicles worth around Sh17 billion, with over 80 percent of them being for commercial use by small and medium-sized enterprises.

The mounting defaults are a reflection of the struggles that loan holders are undergoing in an economy that has witnessed a string of job losses and closure of small business in the face of Covid-19.


Cars are like perishable produce. Every day you keep them in a yard they become less valuable due to depreciation.

They should just bite the bullet and provide for loan loss. It will cost them more to maintain the vehicles.
Ericsson
#225 Posted : Wednesday, July 08, 2020 6:19:09 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,693
Location: NAIROBI
Kusadikika wrote:
kmucheke wrote:
NCBA buys yard for seized cars as loan defaults rise

Quote:
NCBA Group has acquired a yard for storing cars repossessed from loan defaulters, pointing to a rise in asset seizures in Kenya’s struggling economy.

The group, which was formed last year following the merger between CBA group and NIC group, says in latest annual report that the yard has helped it maintain the vehicles and sell them at a better price.

This represents a departure from the common practice by banks where repossessed vehicles are taken directly to auctioneers’ yards for public sale.


Quote:
This has seen a 15 percent increase in the selling price of repossessed vehicles and faster turnaround in their disposal as we are now able to conduct basic maintenance like regular cleaning of vehicles and ensuring proper tyre pressure to restore their value,” said the bank.


Quote:
The lender says it has financed over 4,300 vehicles worth around Sh17 billion, with over 80 percent of them being for commercial use by small and medium-sized enterprises.

The mounting defaults are a reflection of the struggles that loan holders are undergoing in an economy that has witnessed a string of job losses and closure of small business in the face of Covid-19.


Cars are like perishable produce. Every day you keep them in a yard they become less valuable due to depreciation.

They should just bite the bullet and provide for loan loss. It will cost them more to maintain the vehicles.


That will be catastrophic and might cause panic to depositors who may rush to withdraw their money fearing collapse of the bank
VituVingiSana
#226 Posted : Thursday, July 09, 2020 1:57:45 AM
Rank: Chief


Joined: 1/3/2007
Posts: 17,161
Location: Nairobi
Ericsson wrote:
Kusadikika wrote:
kmucheke wrote:
NCBA buys yard for seized cars as loan defaults rise

Quote:
NCBA Group has acquired a yard for storing cars repossessed from loan defaulters, pointing to a rise in asset seizures in Kenya’s struggling economy.

The group, which was formed last year following the merger between CBA group and NIC group, says in latest annual report that the yard has helped it maintain the vehicles and sell them at a better price.

This represents a departure from the common practice by banks where repossessed vehicles are taken directly to auctioneers’ yards for public sale.


Quote:
This has seen a 15 percent increase in the selling price of repossessed vehicles and faster turnaround in their disposal as we are now able to conduct basic maintenance like regular cleaning of vehicles and ensuring proper tyre pressure to restore their value,” said the bank.


Quote:
The lender says it has financed over 4,300 vehicles worth around Sh17 billion, with over 80 percent of them being for commercial use by small and medium-sized enterprises.

The mounting defaults are a reflection of the struggles that loan holders are undergoing in an economy that has witnessed a string of job losses and closure of small business in the face of Covid-19.


Cars are like perishable produce. Every day you keep them in a yard they become less valuable due to depreciation.

They should just bite the bullet and provide for loan loss. It will cost them more to maintain the vehicles.


That will be catastrophic and might cause panic to depositors who may rush to withdraw their money fearing collapse of the bank
CBK will backstop NCBA. Look at the list of big owners = owners of Kenya
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
kmucheke
#227 Posted : Thursday, July 09, 2020 1:33:17 PM
Rank: Member


Joined: 3/16/2019
Posts: 140
kmucheke wrote:
Bank of Uganda (BoU) gives go ahead to NC , CBA merger

Quote:
“BoU has issued a letter of no objection to the proposed business [merger] of NC Bank and Commercial Bank of Africa,” the notice signed by Mr Sam Ntulume, the NC Bank managing director and Mr Anthony Ndegwa, the CBA chief executive officer, reads in part.


Quote:
The merger is expected to give the two banks an edge that is likely to build a relatively large financial base.

NC Bank recovered from a Shs4.3b loss for the period ended December 2018 to post Shs3b in profits in 2019 while CBA made a loss of Shs10.4b in 2019 from a Shs567m profit in 2018.

NC Bank is a subsidiary of the National Industrial Credit Bank (NIC).


Merger complete in UG.

The M-Shwari version of Uganda called MoKash (a venture between MTN and CBA now NCBA) seems to be doing well in terms of customer numbers.

MTN micro loan users grow to seven million
Quote:
MoKosh, a micro lending platform managed under a partnership between telecom firm MTN and NCBA Bank has grown to seven million users, according to Mr Anthony Ndegwa, the NCBA Bank chief executive officer.

Quote:
Mr Ndegwa said the bank will put focus on developing its digital presence driven by micro lending under MoKash.
Other focus areas, he said, will include assisting small and medium enterprises to develop capacity as well as developing the bank’s asset financing, advisory financial services and use of technology for the provision of financial services.
MoKash, he said currently has at least seven million subscribers and contributes immensely to the bank’s balance sheet.


Quote:
NCBA Bank [UG], which currently has five branches, 600,000 ordinary bank accounts and one agent for agency banking


Quote:
The merger makes NCBA Bank Uganda’s 15 largest financial institution with a total asset base of Shs550b and capital position of Shs84b. “As a combined entity, NCBA has a significant capital base and a strong liquidity profile,” he said.

kmucheke
#228 Posted : Monday, July 13, 2020 1:01:38 PM
Rank: Member


Joined: 3/16/2019
Posts: 140


Quote:
The brothers are among a group of top investors with banking stakes valued at more than Sh1 billion each. Others include Equity Group’s chief executive James Mwangi who holds a 4.38 percent stake in the lender worth Sh5.4 billion.

Co-operative Bank chief executive Gideon Muriuki has a two percent stake in the lender valued at Sh1.4 billion.


Ericsson
#229 Posted : Thursday, July 16, 2020 11:05:00 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,693
Location: NAIROBI
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.
Angelica _ann
#230 Posted : Thursday, July 16, 2020 11:10:44 AM
Rank: Elder


Joined: 12/7/2012
Posts: 11,659
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.


Laughing out loudly Laughing out loudly Laughing out loudly public company with private ownership. The honchos are obviously enjoying other deals with the entity while Wanjiku shareholders starve.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
VituVingiSana
#231 Posted : Thursday, July 16, 2020 11:28:02 AM
Rank: Chief


Joined: 1/3/2007
Posts: 17,161
Location: Nairobi
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.


I missed it. Where do they say so?
There is a notice to issue 606mn NEW shares. Rights Issue?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#232 Posted : Thursday, July 16, 2020 11:42:46 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,693
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.


I missed it. Where do they say so?
There is a notice to issue 606mn NEW shares. Rights Issue?

Issue 606mn new shares over a maximum period of 5 years
VituVingiSana
#233 Posted : Thursday, July 16, 2020 12:37:18 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,161
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.


I missed it. Where do they say so?
There is a notice to issue 606mn NEW shares. Rights Issue?

Issue 606mn new shares over a maximum period of 5 years

"In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years." Where does it say so?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#234 Posted : Thursday, July 16, 2020 12:45:35 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,693
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.


I missed it. Where do they say so?
There is a notice to issue 606mn NEW shares. Rights Issue?

Issue 606mn new shares over a maximum period of 5 years

"In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years." Where does it say so?


Lets wait and see.
VituVingiSana
#235 Posted : Thursday, July 16, 2020 12:57:53 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,161
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.


I missed it. Where do they say so?
There is a notice to issue 606mn NEW shares. Rights Issue?

Issue 606mn new shares over a maximum period of 5 years

"In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years." Where does it say so?


Lets wait and see.
I am quoting you "In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years." and I couldn't find it unless there is a revised Notice of AGM.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#236 Posted : Thursday, July 16, 2020 1:20:58 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,693
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.


I missed it. Where do they say so?
There is a notice to issue 606mn NEW shares. Rights Issue?

Issue 606mn new shares over a maximum period of 5 years

"In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years." Where does it say so?


Lets wait and see.
I am quoting you "In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years." and I couldn't find it unless there is a revised Notice of AGM.


The word seems is missing.
"In their Notice of the Annual General Meeting on 5th July" it seems NCBA is going on a dividend drought for 5 years
I've rephrased it.
watesh
#237 Posted : Thursday, July 16, 2020 3:14:44 PM
Rank: Member


Joined: 8/10/2014
Posts: 833
Location: Kenya
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.

Or they may go for a small cash dividend plus a bonus. They want to go aggressively into retail banking, they need to prop up their core capital base to keep up with the expected growth.
Ericsson
#238 Posted : Thursday, July 16, 2020 3:53:08 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,693
Location: NAIROBI
watesh wrote:
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.

Or they may go for a small cash dividend plus a bonus. They want to go aggressively into retail banking, they need to prop up their core capital base to keep up with the expected growth.


Or reserves for the projected credit losses due to loan defaults.
They announced last week they bought land to act as a yard for storage of vehicles to be auctioned.
VituVingiSana
#239 Posted : Thursday, July 16, 2020 8:37:02 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,161
Location: Nairobi
watesh wrote:
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.

Or they may go for a small cash dividend plus a bonus. They want to go aggressively into retail banking, they need to prop up their core capital base to keep up with the expected growth.

NIC was into retail lending.
CBA was into retail lending via Safcom.

Kenya's lending scene is very competitive. Perhaps a regional acquisition?

The KE banks that have done best regionally are DTB, I&M and Equity.
These have a decent presence in the region with subsidiaries that make a meaningful contribution.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#240 Posted : Thursday, July 16, 2020 9:34:17 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,693
Location: NAIROBI
watesh wrote:
Ericsson wrote:
In their Notice of the Annual General Meeting on 5th July,NCBA is going on a dividend drought for 5 years.

Or they may go for a small cash dividend plus a bonus. They want to go aggressively into retail banking, they need to prop up their core capital base to keep up with the expected growth.


NCBA has put brakes on its expansion plan of opening 15 new branches.
This comes after its announcement of shutting 14 branches.
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