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CBA beats KCB to mobile-based bond trading deal
From left: Capital Markets Authority director, regulatory policy strategy, Luke Ombara, NSE chief executive officer Geoffrey Odundo, National Treasury director general Wahoro Ndoho, CDSC chief executive Rose Mambo and CBA group executive director Martin Mugambi during the listing ceremony of the M-Akiba Bond on the bourse in Nairobi on April 11, 2017. PHOTO | SALATON NJAU
Commercial Bank of Africa (CBA) has snatched from Kenya’s biggest bank, KCB #ticker:KCB, a multi-billion shilling deal to guarantee buyers of the mobile phone-based bond, M-Akiba, an exit route whenever they need it.
People familiar with the deal said KCB had been beaten to the contract in the heat of a price war that CBA appears to have won.
