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CIC to pay Sh3.4 billion Co-op loan from Kiambu land sale

CIC Insurance Group Patrick Nyaga (left) having a word with Co-op Bank Chief Executive Gideon Muriuki at a past event. FILE PHOTO | NMG

By  Victor Juma

Business Editor

Nation Media Group

CIC Insurance Group #ticker:CIC has tied the repayment of a Sh3.4 billion loan from Co-op Bank to sale of 200 acres of land in Kiambu County.

The loan was part of the funds that the insurer mobilized to settle its Sh5 billion corporate bond in October 2019.

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