[2008-07-16]  CFC Stanbic Holdings exempted over ownership
CFC Stanbic Holdings has won a special exemption to the Banking Act that limits ownership of local banks by single persons to a maximum of 25 per cent, allowing the holding company to own 100 per cent shares in CFC Stanbic Bank.

The Banking Act prohibits any person other than another bank, Government or State Corporations from holding more than 25 per cent interest in a local bank, but the Nairobi Stock Exchange (NSE) listed CFC Stanbic holding company has a 100 per cent interest in newly merged CFC Stanbic Bank.

CFC Stanbic Bank managing director Mike du Toit says the exemption granted by former Finance minister Amos Kimunya was meant to facilitate the merger process between CFC Bank and Stanbic Bank Kenya; given that CFC Stanbic Holdings is a non-bank and a non-Government institution.


Source: Business Daily