Business & Economy4 stories from 2 sources
Standard Chartered Kenya Limited has begun the process to pay approximately Sh7 billion to over 600 former employees following a Supreme Court loss related to a pension miscalculation. The bank is reassuring markets that it is “Adequately Capitalised” to meet the obligations, which are estimated at over KSh 7 billion and conclude a two-decade legal battle. In broader financial sector news, Kenya’s SACCO sector surpassed KSh 1 trillion in combined assets by the end of 2024. This growth, however, is accompanied by a rise in non-performing loans and governance concerns. Separately, I&M Bank has expanded its network by opening two new branches in Kapsabet, Nandi County, and Nyali, Mombasa County, increasing its national footprint to 65 outlets across 24 counties.
Kenya’s SACCO sector has surpassed KSh 1 trillion in combined assets by the end of 2024, demonstrating significant growth. However, this success is tempered by a rise in non-performing loans and governance concerns highlighted by issues at the Kenya Union of Savings and Credit Cooperatives (Kusco).
Summary & Analysis
Standard Chartered Bank Kenya is reassuring markets of its financial stability after the Supreme Court’s decision to dismiss its appeal in a long-standing pension case. The ruling, which concludes a two-decade legal battle, requires the bank to meet obligations estimated at over KSh 7 billion.
Summary & Analysis
After losing a Supreme Court case, Standard Chartered Kenya Limited has commenced the process of paying approximately Sh7 billion to over 600 former employees due to a pension miscalculation. The bank has initiated structured engagements to execute the judgment, assuring clients of its adequate capitalization to meet these obligations.
Summary & Analysis
