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KCB loan deal opens new battle for City Hall cash
KCB banking hall. The bank has bought out a Sh5 billion loan that Equity had advanced to cash-strapped City Hall. FILE
KCB’s takeover of Equity’s Sh5 billion loan to the Nairobi county government has intensified the quiet but bruising battle for control of City Hall’s billions between Kenya’s two top lenders.
Transfer of the debt to the rival means Equity’s loan book is set to shrink by a margin of Sh3.3 billion that KCB is paying back immediately and blocks interest income estimated at Sh300 million it was to earn annually.
