22 Local Banks That May Close Due To New Capital Requirement

Several local banks might have to close their doors in the next three years if they do not meet the requirements set out by the central bank.

According to new regulations set out by authority, all banks must ave a minimum capital of Shs. 5 billion in order to operate, which makes these 22 banks not eligible to continue their operation.

READ ALSO: List of Accredited Banks in Kenya

The treasury cabinet secretary Henry Rotich said that the new regulations are meant to help the istitutions to finance larger projects while safeguarding their stability.

To comply with these new requirements, the banks will have to raise the capital from shareholders, merge or sell more shares. Failure to do so the government will force their doors close after three years. These banks include;

African Banking Corporation Ltd
Credit Bank Ltd
Consolidated Bank of Kenya Ltd
Charterhouse Bank Ltd
Dubai Bank Kenya Ltd
Development Bank of Kenya Ltd
Equatorial Commercial Bank Ltd
First community Bank Limited
Fina Bank Ltd
Fidelity Commercial Bank Ltd
Gulf African Bank Limited
Giro Commercial Bank Ltd
Habib Bank Ltd
Habib Bank A.G Zurich
Jamii Bora Bank Limited
K-Rep Bank Ltd
Middle East Bank (K) Ltd
Oriental Commercial Bank Ltd
Paramount Universal Bank Ltd
Trans-National Bank Ltd
UBA Kenya Bank Limited
Victoria Commercial Bank Ltd

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