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Co-op Bank lowers cost of old loans to 14.5pc

Mr Gideon Muriuki, the Co-op Bank managing director. PHOTO | FILE
Mr Gideon Muriuki, the Co-op Bank managing director. PHOTO | FILE 

Kenya's third largest lender by assets Co-operative Bank has lowered interest rates for old loans to 14.5pc, a day after after KCB and CFC and Chase Bank.

Co-op was the first bank to announce lower interest charges for new loans after President Uhuru Kenyatta signed a Bill capping interest rates at 4 per cent above the central bank rate.

The move by Co-operative now increases the number of loans that have been repriced in the market given its market share.

"I further clarify that inorder to give our customers full benefits of the new law, this interest rate pricing guideline will also apply to all our existing credit facilities," Co-op Bank MD Gideon Muriuki said in a statement.

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