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Fountain Group sells two thirds of shares in Nyachae bank

Credit Bank chief executive Chege Thumbi. PHOTO | FILE

Fountain Enterprise Programme (FEP) Group has so far sold nearly two thirds of its shares in Nyachae-backed Credit Bank after the regulator rejected its bid to take control of the small lender.

The loss-making investment group, partly backed by the Kenyan diaspora, yesterday revealed it has so far offloaded 412,124 shares or 61.5 per cent of its holding in the tier III bank to members at a price of Sh162 a share.

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